First Direct offset mortgage application time - Fantastic service A1

Claremac

Interesting to hear of such quick service from FD. We plan to take out an FD Offset Mortgage when we find the right hose. We have already opened a current account with FD and were a bit worried when they said that it would take around 12 weeks(!) to get the mortgage approved. Please keep us updated on your progress.

boots_babe

Quick update. As promised, FD called our vendor's EA this morning to arrange the survey. No sooner had the EA called to tell me, than I had a call from FD as well.

I was pleasantly surprised to find that, rather than waiting for the survey/valuation results to put together the offer paperwork, FD are doing that now and sending it out today to us. We should have it by the end of the week and we just need to sign and send back.

The survey results should be with us within a week, and with our solicitor within 7-10 days. Provided that the valuation is ok, the offer docs that we'll have already signed and sent back will be valid and that will pretty much be that! Obviously if valuation comes back insufficient, the offer would have to then be re-done.

I'm amazed. If this pans out as described above, the mortgage application will have taken no more than 2-3 weeks in total from initial application, to the monies being ready!! :eek: And to think, I thought it was FD that would hold up our purchase; I rather think now that we'll be waiting on solicitors instead.

Claremac

I called FD yesterday to ask if there would be any problem that the house we are considering has been underpinned (answer: depends on the proof supplied but probably not a problem). While I was on the phone I asked how long it would take if we were to go for this house and they said that they quote 6-10 weeks but that it could take as little as 3 weeks! They said that often their side of things is done before the solicitor's side. This does seem to be borne out by the experiences on this thread so far which is encouraging. Just need to decide whether to go for that house now...........

boots_babe

Another quick update - can't believe how fast this is going :j

Survey was carried out on Wednesday. We received a copy of the report yesterday, valuation is fine and no issues in survey thank goodness. We also had our copies of the offer through on Thursday, which we have signed and sent straight back.

So I think, that is everything done, the offer is finalised :beer:

Just need to get solicitor stuff finished now.

Mr_Mo_3

Hello All,

Im really stressing... feel like we have found a really nice house.. and now im waiting on First Direct to assess my banking needs and then assess my mortgage needs... and being told its going to take 8 to 12 weeks has really got to. They received my forms with supporting info yesterday morning... we'll see how long it take...

Fingers crossed i get the same luck as you all....

Will keep you updated!

mramra

Mr_Mo,

We have just set up our mortgage with FD. The process took about 4 weeks in all, although ours was a remortgage not a new mortgage.

Have been delighted with the service so far, although the amount of paperwork I have received is frightening, about 30 different pieces of correspondence so far!

boots_babe

Mr_Mo wrote: »

Hello All,

Im really stressing... feel like we have found a really nice house.. and now im waiting on First Direct to assess my banking needs and then assess my mortgage needs... and being told its going to take 8 to 12 weeks has really got to. They received my forms with supporting info yesterday morning... we'll see how long it take...

Fingers crossed i get the same luck as you all....

Will keep you updated!

I think they must just be saying that to cover their backs. We were also not looking forwards to waiting for 8-10 weeks, but from sending application to getting official offer and survey/valuation results, only took 2 weeks! So unless there are any complications I really don't think you need to worry.

Mr_Mo_3

Thanks guys... i think im pretty neurotic and hence keep thinking/worrying about it...

feel like im waiting for exam results... LOL

Mr_Mo_3

Got the application form returned to us last Friday (19/06) because we missed out my wifes mobile number... :-( how crazy is that?? Im hating all this waiting... Started the whole on the 11/06.. :-(