First Direct mortgage rates cut and cheaper fees

fraser

uzubairu wrote: »

Got another text from First Direct this afternoon, asking me to call them.

They wanted to know the balance on my credit card.
They also queried the payments to and from my personal account to my Egg Instant Access savings acount, as they thought they were payments to a credit card.

They want 3 months of statements from the bill payment account (as we pay money into it from our separate current accounts).
OH has just gone to fax them off now.

At least they are being thorough.
Fingers are still crossed.

had a similar conversationafter they rang me. Questions centred on the moving of my house deposit into safer accounts (NS&I) following the sale of my house, got the approval text the same day

gl!

uzubairu

fraser wrote: »

had a similar conversationafter they rang me. Questions centred on the moving of my house deposit into safer accounts (NS&I) following the sale of my house, got the approval text the same day

gl!

Thanks for the info.
I hope I get the same result as you (we want to borrow 1.25x Joint Income, 50% LTV and no other debts/loans), but you never can tell.

deanos

Can someone help im trying to get a quote for the life tracker but its not on the drop down list it only shows off set mortgages , is there anyway i can get a monthly payment ?

ClaireB7

deanos, I noticed that too.

Juist put the figures into any mortgage calculator.

deanos

Ahh right didnt think of that !

deanos

Just got off the phone to them, took 40 minutes but its been approved in princible, im already a current account customer so they can see my in and out goings.

They told me the fees were....
£99 Drive By Valuation
£99 Arrangement Fee
£149 Closeing Exit Fee

Will ring Britannia tomorrow and see if they can offer a better deal or else im off

ClaireB7

don't forget, deanos, that £149 closing/exit fee only applies if you take your mortgage to a different lender (switch from a tracker to a fixed within FD and the £149 is waived)

sebtomato

ClaireB7 wrote: »

She is putting all the details in the post - have to return a form with bank statement, 3 months' payslips and P60 and that's it.

I have been through the process with them, and that's not it: you will receive some forms to complete, plus some evidences to provide. They will then call you and ask very specific questions about your bank statements, payslips etc.

You will then get a mortgage offer subject to valuation. The first one I received still had the old higher fees stated, despite their phone agreement to give me the new fees, well before the offer was sent. I told them a week ago about the mistake, but still haven't received the new offer, although they were supposed to send the corrected version right away.

I was happy with their initial speed, but progress has significantly slowed down recently. I think they are just getting too busy. It took them about 8 days just to request the valuation, and I had to call them probably three times before they organised it with the surveying company (which then did the survey 2 days later).

Looks like they are well on track for at least 5 weeks, between the initial phone application, and the offer confirmed by valuation, despite me sending all papers on the day received, and no issues during the process.

ginvzt

So, from what I get from these posts, it takes a few days/week to get AIP? (Call them, phone interview, sent out the documents -P60/payslips/statements, wait for more questions, receive AIP)

Do you have to choose the exact product when you ask for AIP?

We are interested in their repayment or offset lifetime trackers, and as we are thinking in buying a repossession house that we saw, we would need to move quickly. I am trying to get my OH organised by sorting out the first step with FD before we put in the offer, but I don't think he believes me when I tell him we need to call them NOW.

lisyloo

Do you have to choose the exact product when you ask for AIP?

If you change product (I did this in 2008) then they HAVE to send you a new quote and key facts.
There is no choice in this, it's part of the regulations.
They can't go ahead without you having a quote.
They are pretty good IME but you do have to allow for the steps which are in place to protect everybody.

Does your OH expect to ring up and get money instantly?
I don't think it has ever worked like that with mortgages.
But now the business is regulated and certain stpes need to be gone through e.g. key facts is part of regulation.