First Direct offset mortgage application time - Fantastic service A1

Nice_guy

Hi Guys, :beer:

Just giving you all an update with how my First Direct application is going. As you may or may not recall I decided to opt for the 2 year fixed 2.99% offset mortgage. The only negative I could see with First Direct is the lengthy application time, 8-10 weeks! But I was prepared to wait as this is the right deal for me.

First Direct customers do rave about their excellent customer service. Being a picky so and so I took this with a pinch of salt. However I really cannot speak highly enough of the service I have received, in fact I can't fault it at all. To say I’m happy is an understatement :j

Now the best bit, I posted my application forms and supporting documents off today last week (Monday 11th May). Throughout the week I received letters informing me of the progress with my application, new debit cards, etc. I also received text messages with the progress of my application and on Sunday I received a text message saying that our mortgage has been approved subject to valuation. That's only four working days since they received the application forms :eek:

I then thought it might take a few weeks for the valuation to be carried out. I get a call today saying the valuation company has been instructed and should be coming round tomorrow! and had I ticked the fact the property was a semi on my application form (forgot to tick box) the valuation would have been carried out today!

After preparing myself for a long haul, I’m shocked with the progress that has been made in 7 days, it is very impressive. My application was not straight forward either. Being a Company Director having to supply all the associated documentation must have been more work than a normal application. However in our favour I do know my partner and I's credit history is excellent (hope that didn't sound big headed!)

To summarise, I'm over the moon with First Direct so far, the service, communication, speed of processing etc has been first class.

TOP TIP - When taking out an offset mortgage there is a £100 incentive when signing up for First Direct's First Directory service (12 month subscription). The service is £12 p.m and you can cancel anytime after the 12 month period. Some of the highlights of the service include, comprehensive travel cover, mobile phone insurance, car breakdown cover, cheaper hotels, meals etc

With the £100 incentive in place this means the service is only costing £44 for the year! Better still if you sign up before the end of May the first 3 months are half price. Meaning a total yearly cost of £26!

Hope someone out their finds this useful

Nice_guy

Foggy

Here's my update.

I also applied for the fixed rate over the phone quite late on Monday 11/5/09. I received all the paperwork on 13/5 sent it straight back the same day with payslips/p60/bank statements. They rang me on Friday 15/5 to say my mortgage had been formally approved. I've also taken up the First Directory offer (after you pointed it out).

I haven't received any text messages but at least when I ring it is answered within a few rings and no menu option malarkey..:beer:

cbrpaul

nice 1 , the exact same service i got from A+L after moving away from FD 3 weeks ago !!

TEDDYRUKSPIN

Nice guy. You must be in the minority. The amount of people who have had slow service from first direct is amazing. They must not be that busy.

dodgy

Mine was the same for what it's worth - took about two weeks from start to finish. Would have been quicker but for me deciding to swap from the life tracker to the offset and FD forgetting to send me the revised paperwork. Apart from that my experience has been as per the above - great service, fast to answer the phones.

Foggy

Foggy wrote: »

Here's my update.

I also applied for the fixed rate over the phone quite late on Monday 11/5/09. I received all the paperwork on 13/5 sent it straight back the same day with payslips/p60/bank statements. They rang me on Friday 15/5 to say my mortgage had been formally approved. I've also taken up the First Directory offer (after you pointed it out).

I haven't received any text messages but at least when I ring it is answered within a few rings and no menu option malarkey..:beer:

Further update

Valuation survey carried out Friday 22/5. Text arrived this morning at 9am to say it had been approved. The paperwork from Direct Valuations arrived in the post an hour later agreeing the purchase price. Not bad for a bank holiday weekend.:j

Nice_guy

UPDATE:

Thought I would give you guys a mini update on my mortgage application process.

The valuation was instructed last week and so far I am waiting for the valuation report to get back to FD. As soon as the valuation report is received my mortgage will be in place (sent off signed official offer letter last week too).

The valuation part of the process I believe is the longest part of application as FD are relying on a 3rd party doing the valuation. As my LTV is quite good I believe my valuation will be a 'drive by'.

So overall I am into my 3rd week since sending the application forms off. I fully expect my mortgage to be complete this week or at the very latest next week.

It also seems the fees have risen for the 2.99% fixed rate offset mortgage. Three weeks ago I paid a booking fee of £599 + arrangement fee of £299 and valuation of £99 = £997. If you look on the FD website now it seems the booking fee is now £499, arrangement fee £999 and valuation £99 = £1597!

Nice_guy

Just to add - I think I will also be applying for a FD gold card credit card. With 12 months 0% on new purchases (I believe this is joint with current market leader Tesco CC) I will be buying everything I normally do on this CC paying the minimum monthly amount therefore keeping my money in my offset account for longer!

Then come towards the end of the 12 month period simply pay it off!

Happy days

I bet I sound like a FD salesman LOL

boots_babe

Hi Nice_guy,

Just wondering what the latest update was with regards to your progress with First Direct? We're in the process of remortgaging with them for the purchase of a new property - although our current mortgage is with FD so that no doubt helps speed things a little.

So far....sent off application form last Wednesday (27th May). Got text on Thursday 28th May to say our application was approved subject to survey. Survey due to be arranged on Mon/Tues next week.

Keen to hear how long they seem to be taking with the rest of the process, good to get feedback from others :rolleyes:

Thanks.

Nice_guy

Hi Boots!

My application is still on going :eek:. All the hard work has all been done well within 4 weeks. The only thing holding things up is Natwest! As the previous mortgage provider they are dragging their feet over getting the redemption statement to FD. FD just need this statement and my mortgage will be complete the same day.

It’s frustrating as the whole process could be complete in 3 to 4 weeks. The 3rd party valuation held things up by 2/3 days but Natwest has helped slow the process right down. To be fair to FD they have kept me right up to date and have chased Natwest for the redemption twice since their original request. I will be calling them tomorrow too just to keep the pressure on.

I would be suprised if your application takes longer than 3/4 weeks as you are already with FD. Good luck with it, your already a customer so the process should be much more straight forward. Which deal are you switching over to?

Looking forward to starting our offset journey!

boots_babe

Thanks for the update, much appreciate. Well it sounds pretty promising. I suppose I just have to keep my fingers crossed that they are as on the ball with mine as they seem to have been for you!

Edit : sorry, to answer your question we're staying with the offset tracker, but as we are moving house we are porting our existing one at 0.79% above base, and taking out additional borrowing at the current rate of 2.89%. I hope NatWest pull their finger our and get your sorted out soon.