First Direct rates up

gowgowuk

Damn, I was just ready to pick up my phone to book a 2.99% 2 years fixed rate (which I decided on yesterday) and just notice all their rate went up 0.5% today!
Back to the spreadsheet!

Pete111

Just saw this. Reserved a 3 year 3.89% for 5 days on Monday and it's now gone to 4.29%.

I have just got off the phone having stumped up for the booking fee!

Phew!

(Bad luck Gowgowuk - sorry to hear that)

gowgowuk

Thanks. Well, I think they are still pretty much competitive fixed rate for my situation (£57000, 17 years left, 32% LTV), but I'm just now a tiny bit more tempted to stay on my Nationwide 2.5% BMR when I reach the end of my discount period...

Pete111

Fair enough - it's a very decent rate either way historically!

WestonDave

Might be worth pointing out that you can book FD rates by paying the booking fee (£99 on the higher rates - on £57k you won't save enough on the lower rate to cover the higher fee there) and then sit on it for up to 6 months before you actually transfer over. That means if you are on (or will be on BMR) a lower rate you can maximise that before you move, and because its 2 or 3 years from draw down rather than fixed until a set date, you still get the full benefit.

I've just booked the 4.09 3 year fix that is now 4.49, but as my current FD SVR is only 3.69% I'm not going to rush to get it moved over.

cbrpaul

Phew !!

looks like you got in just at the right time dave,

AndyToby

I called First Direct yesterday and went through the application over the phone. I asked for qoutes on both the 2.99% and 3.49% 2 Yr fixed deals. They are sending me the paperwork and have said they have reserved the funds. Does this mean I will get the deal from yesterday or will it be with the 0,5% increase?

WestonDave

Andy - provided you go back within 5 working days of the initial phone call and pay the booking fee then you should get the lower rates - they can't take that on the spot as you have to see the Key Facts documents before you agree to it, but when you get the papers you will see a page which says they have reserved funds but only for 5 days. Once you've paid the booking fee then the rate is booked for you for 6 months and you have a full 2 years from drawing down (its not for example 2 years from yesterday as some lenders operate which means in effect you often only get 22 months)

poppysocks1

I was going to book mine on Wed night but due to a serious family issue didnt make the call and then find the rates go up the next day - it was really disappointing. Called last night, they were busy so said to call back at weekend. Hopefully will get it sorted then though!

poppysocks1

Quick question - other than arrangement and booking fees what other costs are there with the First Direct mortgage - how much is the mortgage valuation and are there other legal charges? Thanks in advance.

Am aiming to go for the 3 year fixed rate at 4.49% (was the 4.09 deal!). Booking fee £99.00.

My current account transfer to FD is in progress this week but didnt know you have to do that first followed by then opening up saver account, isa account etc.

gowgowuk

Hi, I was looking at this too, and found this on their website:

Remortgages in England and Wales
In addition to the arrangement fee, you will also need to pay for your valuation. first direct will pay any enquiry fees to your previous lender, money transmission fees and Land Registry fees.
If you are transferring your mortgage to first direct from another mortgage provider, they may charge an early repayment charge if you are moving during a fixed rate or "tied-in" period.
Remortgages in Scotland and Northern Ireland
In addition to the arrangement fee and/or any booking fee you will need to pay for a valuation for an offset Mortgage. You will also need to cover your own legal costs, including Land Registry and other directly related completion fees. However, first direct will contribute up to £400 towards these costs (we will refund this to you upon receipt of a copy of your solicitor’s invoice following drawdown of your offset Mortgage) and we will pay for any enquiry fees to your previous lender and money transmission fees.
Closure administration fee
£149 payable on closure of the mortgage account. This fee is waived if you are transferring to another first direct mortgage product.


I have no idea how much legal costs could be (I am in Scotland). I think for my previous remortage to Nationwide, it was paid by them. On the HSBC website, they say a valuation fee for a flat like mine (up to £200000) is £172. I guess, to make your comparison, you also should add the closing fee (for example, is free with an HSBC mortgage)


Hope this help a bit