First Direct mortgage rates cut and cheaper fees

AdamBrunt

uzubairu wrote: »

• We made the initial call to FD on Saturday 10/07/10 (20 minute call).
• Phone interview with FD mortgage advisor (35 minute call) on Saturday 17/07/10. It was planned for the previous day, but the call was never received, so was re-scheduled for the following morning.
• Received forms on Monday 19/07/10
• Posted forms back on Tuesday 20/07/10
• Received text from FD confirming receipt of forms on Thursday 22/07/10
• FD mortgage advisor phoned OH at work (15 minute interview) on Thursday 22/07/10
• Received text from FD asking me to phone them (25 minute call) and faxed the requested documents on Saturday 24/07/10
• Phoned FD to see if they had received the fax and re-sent them on Tuesday 27/07/10
• Got a phone call from FD and approval (5 minutes) on Wednesday 28/07/10.

I am wondering if the process is different depending on your situation (FTB, remortgaging, etc)

Made the first call to FD on 24/7 (about 35 minutes)
Received the forms on 28/7
Returned forms (with requested documents) 29/7

Not heard anything since

luckyfool

ginvzt wrote: »

Just a quick question - while waiting for this FD call, do you think it would be useful and not harmful to get an AIP with ING direct (lifetime tracker at 2.15%+BOE, not offset and higher fees)? I think it is instant online.

It is just that I am starting to get worried what if we don't get what we are asking (up to 2.5x joint salary, depending which house we go for in the end). And, if we go for repossession house, we will need to move quickly and I am not sure the seller would wait around for us to get our act together.

We are waiting to put an offer on it (an offer in with the other house, but we are not prepared to up our offer). Our credit files are clean as far as we know, credit cards paid off at the end of the month, no other loans.

An aip with ING direct will not book an interest rate anyway.

Happy_Shrimper

ginvzt wrote: »

Well, that is going to be a bit of an issue, as both banks we have accounts with (A&L & Nationwide) we have paperless option, so no paper statements... I have just switched our joint aco!!!! (Nationwide) to 'paper & online", so maybe we will get one sometime soon...

Just had my call (managed to bring forward my appointment due to wanting to get paperwork and return before we go on holiday)
Can confirm that 2 printed and 1 'real' statement applies.
I bank with A&L and RBS. Online banking with A&L you can request a paper copy statement under 'Other Services' which it informs you after you've requested it that they will charge you £5 :mad:! RBS, its completely free. Just had to call the automated telephone banking and press the right buttons. Bet you can guess which bank account I will be transfering to FD!
All very easy to request. Just hope the FD stuff and paper statements arrive so I can return them before hols!
5 week processing from application to completion is the current estimate.

uzubairu

All the statements that they requested for our bill account were online prints.

My OH's bank statements were online prints (x2) and real (x1).

My personal account is with HSBC (Green Account), so I authorised them to look at my statments online, and didn't have to send any.

Jackinbox99

Hmm... I phoned up First Direct yesterday to arrange a mortgage and the lady I spoke to interviewed me there & then - I was on the phone for well over an hour in the end. Took all my details, property details, income details etc.. got it all approved by her manager there & then.

She said next step will be me to sign the forms they send out & return with proof of income / bank statements etc. etc. They are sending me an AIP at the same time for my estate agent. She estimated a 6 week turn around, although I need it done in 28 days. She said that shouldnt be a problem.

uzubairu

I think they scrutinise the documents that you send them, and sometimes that can generate questions that they need you to answer, and therefore the extra phone calls.

deanos

uzubairu wrote: »

I think they scrutinise the documents that you send them, and sometimes that can generate questions that they need you to answer, and therefore the extra phone calls.

They are very detailed, they were even asking me what the cheques i had wrote were for.

And every direct debit they wanted to know what they were for.

sebtomato

Jackinbox99 wrote: »

She estimated a 6 week turn around, although I need it done in 28 days. She said that shouldnt be a problem.

If I were you, I would keep chasing them during the process, as their lead time has now increased quite a lot due to the popularity of their current mortgages. I can easily see a normal application taking 5 or 6 weeks with them currently.

AdamBrunt

Got a phone call this morning to clarify a few things with payments from my bank account

1) They wanted to know why my last council tax DD had been returned unpaid but were happy that it was a council !!!! up

2) I had also managed to only send 1 months worth of accounts (on 1 of the 2 accounts they requested) so have to post them of.

Over than that the guy on the phone said there was no problem

pardal51

Sorry if it hs already been answered...

FTB, still haven't found a house. Does FD give you an AIP (we know that we can borrow more than we need from LTSB which I currenlty bank with - no AIP though)? I am not sure whether it is worth applying for an AIP as it usually lasts for 3 months and not sure whether we will have found a property by then (we currently do not have credit search on our files and want to keep this way until we apply for a mortgage - bit conservative some may think.

A bit confused on what to do, but the FD offset mortgage seems a good deal to me as and tend to save every month.

Comments are appreciated