First Direct mortgage rates cut and cheaper fees

sebtomato

luckyfool wrote: »

The perils of using First Direct where you are under a deadline and have non-standard requirements

I agree. FD are not known to be the easiest lender to get a mortgage from, even under normal conditions, or the fastest. They are known to be very picky, reject applications for no specific reasons, and also be quite slow compared to other lenders. Given the popularity of their current products, those factors are probably even worse now.

If your requirements are not standards, you don't have a clean credit history, or you are under very tight deadline, it is probably best to go through a mortgage broker to leverage his/her expertise.

pardal51

Temrael wrote: »

Our documents and application were received by FD on Monday and yesterday the application went to "Agreed" which was a suprise! :beer:

Lloyds TSB had stitched us up and ommited about two weeks of the statements I had ordered from them so we just sent what we had with a note saying the rest would follow later. I was expecting FD to not look at the application until they had the missing weeks. I also expected that I would have to answer a lot of questions about transactions as we are planning a holiday at the moment and I lost my mum in June and have been settling funeral expenses, distributing the estate etc. I put in a covering letter explaining all that though so I guess that helped. Still (pleasantly) suprised. Maybe how much they look at transactions depends on where your LTV is and affordability etc. which were probably not too bad on.

Hi, Did you have to order paper statement from LTSB??? I am hoping that FD, as online only bank, would accept statements download off the internet. Otherwise it will be a cost exercise... Can you let us know please???

uzubairu

pardal51 wrote: »

Hi, Did you have to order paper statement from LTSB??? I am hoping that FD, as online only bank, would accept statements download off the internet. Otherwise it will be a cost exercise... Can you let us know please???

Most of the statements we sent were downloaded off the internet.
Mine, OH, bill account and mortgage account.
No problems at all.

Just had letter confirming that valuation will be done in next few days.

Nanao_2

pardal51 wrote: »

Hi, Did you have to order paper statement from LTSB??? I am hoping that FD, as online only bank, would accept statements download off the internet. Otherwise it will be a cost exercise... Can you let us know please???

I only have online statements with one of my banks - when I enquired about this I was told that online statement printouts should be fine, as long as it had my name and bank account details on them.

Jackinbox99

pardal51 wrote: »

Hi, Did you have to order paper statement from LTSB??? I am hoping that FD, as online only bank, would accept statements download off the internet. Otherwise it will be a cost exercise... Can you let us know please???

From reading other peoples experiences, i went into my local TSB to get a paper statement and they said "yep no problem, will take us 10 days to press the print button on the computer". So, yep, 10 days later, statement arrives in the post.

FD on the other hand have not actually asked for the hard copy yet, and seem happy with my printed off the website statements.

Jackinbox99

luckyfool wrote: »

The perils of using First Direct where you are under a deadline and have non-standard requirements. A good broker should be able to find a lender that will a)not care too much about your old property, and b) actually turn things around quickly and get you a mortgage offer in time for your deadline.

If it "needs some work" because you have high standards and want the place really nice before you move in then fine. If the surveyor highlights issues making the property uninhabitable in its present condition, or serious flaws requiring substantial work then the danger is the lender could hold a retention or even refuse to lend.

Well FD have come back and said yes to the mortgage although I still do not understand their logic. Its now a race really to insure they process it all in time. Surely it cant be that hard for them to say "yes" and press go.

jamesd

The habitability requirement for FD is water supply and property heating system. And nothing truly nasty found in a valuation or survey.

FD may be fussy but they are also willing to do interest only at 75% to suitable first time buyers, and even agree to them purchasing a second property with a different lender after the FD one, all while having 40% or so of gross income in credit card borrowing.

Suitable for that combination is probably a very small part of the applicant market - I could buy the property for cash even if required to clear the stooze pot in the cards, thought they didn't ask me to do that.

AdamBrunt

Got another phone call from FD yesterday (or rather the wife did). Asking her to explain the nature of her "self employment" which the form had her down as apparently.

Had to explain to them there had obviously been some sort of misunderstanding during the initial phone call where I clearly stated, or so I thought, that my wife doesn't earn a great deal (a few cleaning jobs - cash in hand) and that her income was not to be used as part of the application. Once this was cleared up yesterday they said there were no other problems and on with the "bank account checks". Mind you their text (sent 2 days ago) said they were doing that already ?!?

Temrael

pardal51 wrote: »

Hi, Did you have to order paper statement from LTSB??? I am hoping that FD, as online only bank, would accept statements download off the internet. Otherwise it will be a cost exercise... Can you let us know please???

They told me at least one full month had to be official paper statements and two could be print outs. Seems they aren't policing that though based on what others here have found. Incidently, Lloyds TSB don't charge for producing paper statements for an account that is not set to receive them, they only charge if you ask for additional copies where you would normally have already have received them by post.

Jackinbox99

luckyfool wrote: »

The perils of using First Direct where you are under a deadline and have non-standard requirements. A good broker should be able to find a lender that will a)not care too much about your old property, and b) actually turn things around quickly and get you a mortgage offer in time for your deadline.

That is what I am now finding out. Dispite filling in the application form 3 weeks back prior to making the offer on the house, I am finding that 10 days into my 28 day deadline FD are now refusing to process my application until they get a hard copy of a letter from my other lender. The letter has no baring upon my being able to afford the new mortgage and is apparently just "company policy". That means realistically by the time my lender has sent me the letter and ive forwarded it onto FD, they wont start my application until day 20 of the 28 days.

Rediculous.

So, now im speaking to a broker about going with a different lender. Had FD told me all this before hand I would never have considered going with them.