First Direct - No Key Facts

SambaRamba

Just wondering if anyone else has had the same problem?

I called First Direct 2 weeks ago and was given a telephone interview to see if i'd be able to remortgage with them. I was told it looked likely and that an application pack would be in the post.

The rate I was offered was 3.89% on a 5 year fix (LTV 34%). I was told this rate would be held for a week but I had to book and pay £99 to secure it once my pack arrived.

My pack arrived 4 days later, minus a key fact illustration. I called First Direct and was put on hold while a manager was found. The customer service rep then apologised for the error and informed me that the manager would send out the key facts asap and they would hold the interest rate until 20/1/11.

The 20th arrived and still no key facts. I phoned again only to be told sorry, it's unusual for us not to send the key facts out with your application pack. I'll arrange for that to be sent to you today.

In the meantime First Direct have put up the interest rates on their mortgages.

I'm not worrying too much as they have said they will hold the 3.89% rate until 28/1/11, but what if the KFI still hasn't turned up, I wonder how many times are they going to hold this rate.

I have always read good things about First Direct, so i'm suprised they have difficulty posting out a simple print off. Is this a regular problem with them? :think:

GMS

Call them back and ask for it to be emailed to you.

Not issuing a KFI is a serious matter.

SambaRamba

Thanks for your reply, i've asked them twice if they could email me the KFI. The first time I was told by they were unable to do that. The second I was told it breeches security as they can't prove who they are sending an email to, and that it has to go to my residential address as that is where i'm registered as living. It's fustrating.

GMS

My lender emailed my KFI to me and I regularly send KFI's to clients by email.

I would speak to them again and remind them it is a requirement etc.

Should not affect your rate if it has been booked. Have you had confirmation of the rate being held?

SambaRamba

I've only had verbal confirmation over the phone. They say all their calls are recorded to I guess they can be held to that. I will phone them again tomorrow if it still hasn't arrived.

SambaRamba

It does seam silly of them to say that emailing the KFI would breech security, my current lender allows you to download a KFI via their website after putting in your details etc...how a KFI can be used to breech security is a mystery.

Burridge60

SambaRamba wrote: »

It does seam silly of them to say that emailing the KFI would breech security, my current lender allows you to download a KFI via their website after putting in your details etc...how a KFI can be used to breech security is a mystery.

If it is not encrypted and gets intercepted details of your potential wealth have been released by a Big Financial Institution. You only have to look at threads on MSE to see how people dislike even the most trivial data about them being released to others.

There are various encryption systems but the sender and the recipient have to have the same one.

That's why Banks post things and wont email them.

Let_Us_See

Cannot see how an e mailed KFI can be seen as a potential security risk. There are no personal details contained in a KFI only property valuation, borowing level, term and details of the specific mortgage scheme. A case of yet another provider finding excuses for their inefficiency.

Burridge60

ICO Document advising Companies about their data security policy and that they have their staff adequately trained to ensure that it is not circumvented. Page 5.

http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/security%20v%201.0_plain_english_website_version1.pdf

lorra62

I have also fixed this firstdirect 5 year fixed rate of 3.89 and havent received any documents yet, phoned up today and they said they will
hold the rate for a further 5 days.

SambaRamba

Still no key facts, i've just phoned and the person I spoke to seamed really helpful and apologised. I'm now told that they will print them off and send them via special delivery, so hopefully they'll be here tomorrow.

Lorra62, I can't think why they take so long to deliver things but I was told to expect to wait up to five working days for their letters to arrive. When I send 1st class letters I can bet 9 time out of 10 that letter will be their the next day. I hope you get your application pack soon - with the key facts included!