First Direct- great deal :)

clippy_girl

Hi all,

Thought I would share the great deal I just found with FD. 3.79% for 5 years with 85% LTV. Its totally fee free and no legal costs/search fees either (I'm remortgaging, not sure if its same for FTB). :j It also allows unlimited overpayments (as long as you don't clear entire balance within offer period).

Its way better than other deals I had seen and better than the best deal the broker I called earlier (L&C) could find. I don't recall seeing it on comparison sites, I just found it when looking at their website for the current accounts. Will also get £125 for switching my current account.

Have just called up to apply and they are sending the details/app out in the post. Fingers crossed :A

ACG

First Direct have some very good deals - but they also have some very strict and unusual criteria. They dont deal direct with brokers which is why L&C wouldnt come back with it. Good luck, let us know how you get on.

clippy_girl

thanks, what is the strict and unusual criteria? _pale_

hopefully nothing too strict! didn't see reference to anything unusual on the website. they have asked for 3 months statements from all three of my current accounts though!

ACG

Have a search on here for HSBC and First Direct.
I just tend to see more threads on here about those 2 than other lenders.

If you meet the criteria and everything is fine it should be ok especially if you have checked the criteria.

mattsday

I've read a lot about HSBC and FD too, I can't help wonder if it's FUD spread by mortgage advisors scared of losing business as they don't deal with intermediaries.

In my case at least HSBC were the most lenient of the bunch and gave me a good rate. YMMV.

clippy_girl

thanks will see how it goes

some posts suggest a minimum salary of 30 or 50K is required but i only earn £26.5k. I told them this on the phone and they said I passed basic affordability check so assume that info is incorrect or only relates to offset.

i have used my 0% arranged od 4 times in 3 months, only for a day or so until i transferred money, more for convenience so hope this is not a problem.

as they have requested 3 months statements from all three of my current accounts they will see i have an extra min £500 coming in each month from mystery shopping and lodger rent. have not discussed ms as only applying based on main salary as its not guaranteed and sometimes i have a break from it. they know about lodger and as long as they sign the form re claim on house they dont mind but this isnt taken into account for lending.

fingers crossed its all ok

kingstreet

mattsday wrote: »

I've read a lot about HSBC and FD too, I can't help wonder if it's FUD spread by mortgage advisors scared of losing business as they don't deal with intermediaries.

I wrote a long response to this, then decided not to post it.

I do not believe your view is correct.

michaels

They don't seem to like dependants, Santander will lend me about twice as much as HSBC group, in fact even though my income has increased since I got a mortgage with FD 3 years ago they would now only lend me 75% of what they lent me then.

gallygirl

michaels wrote: »

They don't seem to like dependants

Don't tell them about the hamster :shhh:

GMS

kingstreet wrote: »

I wrote a long response to this, then decided not to post it.

I do not believe your view is correct.

https://forums.moneysavingexpert.com/discussion/comment/62897551#Comment_62897551

Of course we are all greedy lying money grabbing economy ruining brokers.

clippy_girl

from reading the forum the brokers seem helpful even though there is nothing directly in it for them individually. most people moaning about fd seem to people that have applied to them!

so i have applied now, bit of a silly system in that they only hold the rate for 5 working days but it took them 3 days to print and post my application! arrived today so have called up and sent the application form back with the docs. need to wait a week to hear if i pass the affordability checks and then a further 1-2 for my offer. so hopefully it will all be ok as its a bit of a drawn out process!