First Direct mortgage rates cut and cheaper fees

Temrael

sebtomato wrote: »

For people transfering their current accounts to FD, beware! The process is not as seamless as they would make you believe.

Sorry you had problems, I've just transferred too from Lloyds TSB and was a bit nervous but it really has all been spot on.

DDs at FD will show as last payment date and amount of 0 until they have been called once by the utility/company obviously. If the DD is showing and all setup at FD then it could well be the gym's mess up? Maybe they hadn't made the changes their end and tried to call from your old account but have since processed the change and so now have the correct details when you queried it?

With me some of the DDs took a little while longer to show up after the proposed cut over date but these were ones due near that time. It was as though FD were, wisely, waiting for the last payment to go out from the old account before cut over before instructing that the DD be moved to them (so as not to interfere with the last payment). Course it could just be those companies were slower heh.

Anyway, fingers crossed the rest go better for you!

pardal51

sebtomato wrote: »

For people transfering their current accounts to FD, beware! The process is not as seamless as they would make you believe.

Since I am getting an offset mortgage, I have also open a current account with them and they initiated the transfer of all Direct Debits (about 10) and Standing Orders from my current bank. Transfer was due to be done by the end of July, and they are all showing online as set up on the FD account.

However, all of them have a last payment online showing as "£0", despite the fact that at least half of my Direct Debits are typically debited at the beginning of the month. Not a single debit is showing on the current account statement as per the 14th August (almost half way through the month). My various Standing Orders are showing online with a value of "£0" (when I click on "amend payments").

My gym tried to debit my monthly subscription and it bounced, so I got denied access this week. They say they have the correct new account details, but couldn't take payment.

Talk about "no impact to customers" and seamless experience. I suspect this is just the beginning, and I am expecting lots of letters from utility companies etc.

I called FD and said it was not looking good, but the lady I spoke from the transfer team to said they had done anything they had to do, and it was not their fault. She was very positive (not helpful) and not willing to do other checks. It was also normal to have Standing Orders showing as "£0" until the first payment was "taken" (I guess first payment of "£0"???).

Few months back I sent FD an email, as I was planning to open a CA.
Their reply was that they set a date and transfer the DD to the new FD CA. That means they set a cut date and before this date the DD are still taken from your previous CA provider and after that date taken from your new FD CA. Then for the following month all DD are taken from your FD CA.

I am doing an interview today and hopefully being accepted and have our CAs setup.

Temrael

getmore4less wrote: »

Is there a requirement to actualy move your banking?

There shouldn't be

I would just let them open the account an leave everything else as is to start with.

I don't think there is no.

Interestingly if you have a mortgage with FD, the requirement to pay £1500 in each month to your FD current account (to avoid paying the £10 or whatever charge) goes away.

I did though as I couldn't see a reason not to, Lloyds TSB aren't all that heh.

VfM4meplse

I wouldn't have the slightest hesitation in setting up a FD account - I have been with them for donkeys years and can honestly say they are the best bank I have ever dealt with. The savings rates are not brilliant but that is beside the point if you have an offset mortgage.

jamesd

You don't have to move your banking. You do have to open a current account. On the paper application form there are options to move or not and you can ask to move some things later in the process if you want to. Or not. You'll be asked if you want to open a savings account. If you do that, the savings account is a product that eliminates the current account fee even if you don't fund the current account. So is a mortgage. You also get the first three months without a charge, so you have time to get the mortgage done or withdraw and close the account.

deanos

Just checked the Enacts website and it says we are completing in 2 days, that's a very quick turnaround from First Direct only rang 3 weeks ago

originalmiscellany

So then, I have a qn, in the form filling - the house is in my name, so I am going to be the sole name on the house; get the mortgage set up etc.
The paperwork says "please list the names of the occupants over 18 years of age who are not registered owners of the property. A letter of consent to this mortgage will need to be signed by the named occupaants (the consentor(s))"...
My wife falls into this category - can she get away with writing a letter along the lines of "I Mrs Originalmiscellany consent to Mr Orgininalmiscellany changing the mortgage to a First Direct offset mortgage, as of DATE".
Would that cover their criteria?

Thanks for any feedback/pointers!

jamesd

Phone First Direct and ask. They are generally a helpful group of people.

luckyfool

originalmiscellany wrote: »

So then, I have a qn, in the form filling - the house is in my name, so I am going to be the sole name on the house; get the mortgage set up etc.
The paperwork says "please list the names of the occupants over 18 years of age who are not registered owners of the property. A letter of consent to this mortgage will need to be signed by the named occupaants (the consentor(s))"...
My wife falls into this category - can she get away with writing a letter along the lines of "I Mrs Originalmiscellany consent to Mr Orgininalmiscellany changing the mortgage to a First Direct offset mortgage, as of DATE".
Would that cover their criteria?

Thanks for any feedback/pointers!

No, you just declare them on the form. The solicitor will send out a formal occupiers consent to mortgage waiver form for her to sign.

crankup

I've had a current acct for over 15yrs with FD. I applied for their mortgage. Booked a telephone meeting for 10 days later. They phoned after 7 days asking "Would it be convenient for mortgage chat now?" It was. 38mins later I had an agreement with paperwork on its way. Paperwork arrived as planned.
I paid the £99 and now have 6 months to find a property. Now no need to sign and send paperwork until I have a property under offer.
No probs.