First Direct Mortgages - Any good?

babylonfree

What are peoples opinions of these? I'm looking at buying a house and their rates are excellent and with what look like relatively small fess considering the rate.

I can't help but feel there is a catch, anyone had experience of them?

iamana1ias

babylonfree wrote: »

What are peoples opinions of these? I'm looking at buying a house and their rates are excellent and with what look like relatively small fess considering the rate.

I can't help but feel there is a catch, anyone had experience of them?

There are thousands of FD mortgage customers on here. Why not try a search?

The only 'catch' is that you have to have a FD current account to have a mortgage, but that's not a problem for most people.

(FWIW I have a FD mortgage and have been extremely happy with it)

InMyDreams

Agreed. We have a FD mortgage and I have nothing but praise for them. The only problem we had was a typo on our house evaluation for remortgage (which caused a bit of panic as house was valued at £175K instead of £275K at a time when everyone else was also complaining that their valuations were too low) but it was all resolved with just a phone call. Customer service is better than any other financial company I've ever dealt with. There have been no hidden catches or extras and we got exactly the product we expected.

If there's any catch at all, it's that FD cherry pick who they lend to and have very strict criteria.

AdamBrunt

iamana1ias wrote: »

The only 'catch' is that you have to have a FD current account to have a mortgage, but that's not a problem for most people.

Though this can be in name only - or at least that's what they told us.

Basically an FD mortgage has to be paid from an FD bank account but you don't have to put anything into the account other than the funds for the mortgage payment.

babylonfree

AdamBrunt wrote: »

Though this can be in name only - or at least that's what they told us.

Basically an FD mortgage has to be paid from an FD bank account but you don't have to put anything into the account other than the funds for the mortgage payment.

Thanks all, that was going to be my next question. from what I can see here and on the forum they seem ok and are worth talking to.

AdamBrunt

An FD bank account does usually incur a £10pm fee but this is waived if you have another FD product which, amongst other things, can be a mortgage.

sebtomato

babylonfree wrote: »

What are peoples opinions of these? I'm looking at buying a house and their rates are excellent and with what look like relatively small fess considering the rate.

I can't help but feel there is a catch, anyone had experience of them?

See the following recent thread: https://forums.moneysavingexpert.com/discussion/2567711

Some people are going through their application experience.