First Direct - 14 weeks to arrange mortgage?

vandiss

I've begun an application with First Direct for a mortgage - Offset Base Rate Tracker. Being slow off the mark, this will be at +1.89% of the BoE rate, but still a decent deal for the next wee while...

Anyway, the FD advisor I spoke to quoted the duration of the mortgage process from initial application to moving in as between 12-14 weeks!

As I am not selling to fund this new property, I thought I would have an advantage in being able to tell the seller that I could exchange quickly. Unfortunately that won't be possible with First Direct!

Any other recent FD mortgage customers have experience of this drawn-out process?

Please note - I'll be buying in Scotland, so some procedures are a bit different...

jayremoh

apparently thats what it takes.

not sure why?

though they do seem to quote the longest possible time then complete faster.

maybe so not to !!!! anyone off if delays occur?

pokey128

Hi
I am arranging a FD mortgage at the moment as well (although luckily I reserved the +0.79% a couple of months back). We are also in Scotland and what seems to be taking the time for us is FD contacting the solicitors and waiting to get info from our previous lender and also for some reason the survey is taking a while to organise (FD contact the surveyor who then come out to see us). Even with all that it has only taken us 6 weeks to date and we hope to complete on the 1st Feb.

Good luck x

luckyfool

FD are slow because they are doing shedloads of business and just do not have the infrastructure to cope with it.

gogsboy

vandiss wrote: »

Any other recent FD mortgage customers have experience of this drawn-out process?

Is this not similar to other lenders, perhaps a bit more but not by a million miles?

This should not affect your purchase though, will it?

You can still make the offer based on the agreement can you not?

luckyfool

gogsboy wrote: »

Is this not similar to other lenders, perhaps a bit more but not by a million miles?

This should not affect your purchase though, will it?

You can still make the offer based on the agreement can you not?

Not really. Most lenders are doing a fraction of their historic business levels, it is only really HSBC group and Lloyds TSB that have priced their rates to attract business, and hence it's them that have seen their service slow down.

sympatex

I got quoted the same in December, don't have a house yet though to use my 0.99 BOE tracker on. Given the news today it hink i'd rather let the offer go to the wall, looks grim out there.

vandiss

Thanks for the replies. Hopefully my nippy sweetie solicitor can speed them up a bit!

sympatex wrote: »

I got quoted the same in December, don't have a house yet though to use my 0.99 BOE tracker on. Given the news today it hink i'd rather let the offer go to the wall, looks grim out there.

Why? Do you reckon interest rates will climb?

luckyfool

vandiss wrote: »

Thanks for the replies. Hopefully my nippy sweetie solicitor can speed them up a bit!



Why? Do you reckon interest rates will climb?

I think he/she is referring to the general grim economic news and is saying they might wait a bit longer to get on the housing ladder, rather than a prediction on interest rates specifically.

jody04c

Just applied for this last week and was told 12-14 Weeks as well.. Happy enough to wait as 1.89 above base by todays standard is brilliant. Currently on Abbeys Fixed but due to come of it in April so hopefully First Direct can sort me out by then...

Also have a backup with Northern Bank starting at 1.99 above base (up to 95% LTV!!) in case my Valuation comes back lower than 80% (First Direct Max LTV).

All in all whichever I choose I will be quids in against my current SVR of 4.69 with Abbey... Happy Days!!

:money::j