First Direct - Just How Picky Are They?

hanvyj

leccyblue wrote: »

You're probably right! People can write anything on the Internet afterall. No, we haven't waited 8 weeks - we've only just received the printed application forms. But we have been quoted 6-8 weeks by them. I just don't want us to go through 8 weeks of waiting for a decline, if it's likely they don't like people using their ODs and transferring all spare income to savings.

They rang us up and asked what "that regular £400 bank transfer was" and we told them it went into our savings and that was that! We didn't even need to prove it.

If you are goign to keep worrying, send in the bank/ISA statment in with your documents to show them where it's going.

You really don't need to worry though. 8 weeks is a while though, keep ringing up and bugging them

leccyblue

hanvyj wrote: »

They rang us up and asked what "that regular £400 bank transfer was" and we told them it went into our savings and that was that! We didn't even need to prove it.

If you are goign to keep worrying, send in the bank/ISA statment in with your documents to show them where it's going.

You really don't need to worry though. 8 weeks is a while though, keep ringing up and bugging them

Good plan! I might do that! We try to be organised with our money, so as soon as salaries hit the joint account we transfer out our savings (around £1500 depending on what sort of a month it is), £100 each to our personal accounts for 'slush', money to a pot we keep for heating oil, money to a pot we keep for birthday/christmas presents for everyone and really only leave in the account what is then required to meet direct debits, fuel costs, shopping etc. So to an outsider it looks like it all disappears pretty quickly.

I'll print out our ISA statements and include them. Will save a job later on if they ask for them.

Thanks!

timehastoldme

We do the same, most of our wages go out at the start of the month into savings, from our first direct account to our Santander account. We called first direct and they agreed MIP, sent out the envelope for the paperwork, we posted it back, put in an offer on a house three days later, let the bank know and two days later they approved the mortgage subject to survey, that was Wednesday this week and we paid for the survey this evening. They are brilliant, you will be in safe hands.

leccyblue

timehastoldme wrote: »

We do the same, most of our wages go out at the start of the month into savings, from our first direct account to our Santander account. We called first direct and they agreed MIP, sent out the envelope for the paperwork, we posted it back, put in an offer on a house three days later, let the bank know and two days later they approved the mortgage subject to survey, that was Wednesday this week and we paid for the survey this evening. They are brilliant, you will be in safe hands.

Thanks timehastoldme! Again, re-assuring to hear another positive experience! Was yours a recent application? They told us that they won't even issue a MIP until the application form and supporting documents are returned! That may be because we aren't currently FD customers, as part of the application process is setting up an FD current account? But yes, we were told that no credit checks (except soft search) or MIP issued until documentation returned.

leccyblue

Edit: Sorry just realised you stated in your post it was a recent application.

timehastoldme

I think being a FD customer sped things up at first, because they could do the MIP, but when they got the additional documents from us, it was even quicker than we expected! Kind of terrifyingly fast, the customer service has been just great the whole way through. Good luck!

Eta: we also had big debts we paid off, no defaults but living in London/getting married meant we had a loan and a big overdraft, paid them off at Easter, our house is £130,000 with £19,500 deposit, so very similar circumstances and we had no issue

leccyblue

timehastoldme wrote: »

I think being a FD customer sped things up at first, because they could do the MIP, but when they got the additional documents from us, it was even quicker than we expected! Kind of terrifyingly fast, the customer service has been just great the whole way through. Good luck!

Eta: we also had big debts we paid off, no defaults but living in London/getting married meant we had a loan and a big overdraft, paid them off at Easter, our house is £130,000 with £19,500 deposit, so very similar circumstances and we had no issue

Thanks; really appreciate your input there. It's great to know that you are in a similar position and everything is working out. Feel happier and less worried about it all now. Or maybe that's just the Whisky!:beer:

donz23

We have just had a mortgage accepted with FD. they told us 6-8 weeks and altogether ours took around 7-8 weeks and that included us chasing them regularly towards the end.
We also had lots of money going out into another savings accounts. After we'd sent our bank statements in FD phoned us to query the regular payments on our accounts and were fine once we'd explained they were savings for the deposit. Also they did call one of us at work to check we worked there which we thought was odd but it looks like another poster had that as well.
Sure you will be fine good luck.

donz23

We have just had a mortgage accepted with FD. they told us 6-8 weeks and altogether ours took around 7-8 weeks and that included us chasing them regularly towards the end.
We also had lots of money going out into another savings accounts. After we'd sent our bank statements in FD phoned us to query the regular payments on our accounts and were fine once we'd explained they were savings for the deposit. Also they did call one of us at work to check we worked there which we thought was odd but it looks like another poster had that as well.
Sure you will be fine good luck.

Georgesmum79

leccyblue wrote: »

Good plan! I might do that! We try to be organised with our money, so as soon as salaries hit the joint account we transfer out our savings (around £1500 depending on what sort of a month it is), £100 each to our personal accounts for 'slush', money to a pot we keep for heating oil, money to a pot we keep for birthday/christmas presents for everyone and really only leave in the account what is then required to meet direct debits, fuel costs, shopping etc. So to an outsider it looks like it all disappears pretty quickly.

I'll print out our ISA statements and include them. Will save a job later on if they ask for them.

Thanks!

When I applied for my joint FD mortgage with my partner, we also sent the statements for his savings account to show where the payments of sometimes thousands was going. He also saves through a company share scheme; he doesn't have any statements for this, but I just wrote the explanation next to those payments on his bank statements, it was fine. The only thing they queried was my regular payments to my dog walker and house livery: they thought I had secret children I was hiding! :rotfl: I guess they see children as a big financial burden so need to take that into account.

I honestly don't think you will be turned down because you save. I would call them regularly just keep the pressure on a bit and I would be surprised if it took all 8 weeks.