First Direct mortgage rates cut and cheaper fees

deanos

It says the offer is for 6 months on my paperwork HTH

skippy17

deanos wrote: »

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.

Very thorough! They noticed on my wifes bank statements a pregnancy grant payment and immediately phoned to ask if she was indeed pregnant. They then instantly changed their minds and refused to accept my wifes income as part of the application. (even though her work mat policy entitles her to 3 months full pay) We have since provided a letter from her work stating an intended return to work date (in complete contravention of sexual discrimination laws!) My salary alone leaves us a tiny amount off we want to borrow and is 10% more than their accepted limit but they fail to see that if we swap our mortgage repayments we will drop nearly £200/month, taking us into thier acceptable monthly outgoings braket.
So we continue to wait to find the outcome and continue to string along those invloved in our house sale :mad:

Nanao_2

pardal51 wrote: »

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

I applied for a mortgage with FD when our offer was accepted. I had done the phone interview and was informed they would be able to lend me the amount, but need to fill out the paperwork when it arrived and send it back with my bank statements, payslips, P60 etc. But the purchase has fallen through, so when I phoned FD they told me the illustration was valid for 6 months from when I applied, after which I would have to resubmit an application if I don't find another property until then. I think this illustration can be classed as an AIP, but I'm not too sure.

It's probably best to phone up and speak to an advisor, I always manage to get through to someone almost straight away.

pardal51

Nanao wrote: »

I applied for a mortgage with FD when our offer was accepted. I had done the phone interview and was informed they would be able to lend me the amount, but need to fill out the paperwork when it arrived and send it back with my bank statements, payslips, P60 etc. But the purchase has fallen through, so when I phoned FD they told me the illustration was valid for 6 months from when I applied, after which I would have to resubmit an application if I don't find another property until then. I think this illustration can be classed as an AIP, but I'm not too sure.

It's probably best to phone up and speak to an advisor, I always manage to get through to someone almost straight away.

Hi Nanao, thanks for your reply. You told that you ONLY applied when your offer was accepted. How long did they tell you it would take to process and complete the mortgage application? They told me today that it would take between 4-6 weeks if I had an AIP. I wonder if it would take the same or longer if you didn't.

Thrugelmir

pardal51 wrote: »

we know that we can borrow more than we need from LTSB which I currenlty bank with - no AIP though

Unless you have applied for and receive a formal mortgage offer. I would not recommend ever assuming that you have the mortgage in hand. Many factors can impact including the property valuation itself.

uzubairu

Formal mortgage offer letters arrived today.

Popped them in the post after signing.

Nanao_2

pardal51 wrote: »

Hi Nanao, thanks for your reply. You told that you ONLY applied when your offer was accepted. How long did they tell you it would take to process and complete the mortgage application? They told me today that it would take between 4-6 weeks if I had an AIP. I wonder if it would take the same or longer if you didn't.

Hi Pardal, they told me the same thing - around 5-6 weeks to process the application. I've only gone through the first stage of the application process so far (phone interview), I received the forms to fill out and send back but haven't done that yet as the purchase fell through. Now I'm looking for another property before I proceed with my application as I might need to change the amount I want to borrow.

matt1987

I spoke to first direct today, someone is calling me back on Tuesday.

I did insist I only want to discuss a mortgage and I do not want any credit checks or scoring on me just yet, even a " small " print.

Is this what they do in these phone calls? I would just like to see how much they are able to offer me, and finding out their fees etc.

sebtomato

matt1987 wrote: »

Is this what they do in these phone calls? I would just like to see how much they are able to offer me, and finding out their fees etc.

They will ask you questions for 30-40 minutes, and then wait for their computer to determine whether you qualify or whether there are show stoppers. I don't know if the computer does credit checks at that stage or not.

trophs

I had the phonecall on Thursday for a First Direct Mortgage and checked my experian report later in the day. It had a check for a first direct current account on it. She told me you have to open the account as part of the process of applying for the mortgage.