Tesco vs First Direct Mortgage?

kilby_007

Westminster wrote: »

If this is your goal - do you think a rushed DIY job with unregulated advice from strangers on a forum is the best way to do with such a major decision?

Rushed, no, else yes. I've sat for hours with brokers in the past and they've come up with the same or worse deals than I could find doing my own research so I gave up and did my last mortgage with forum research on here and checking the rates myself.

ed67812

We have been with F.D. since we moved in four years ago. Our application was before the new stricter rules, but I have to say that every dealing with FD banking, savings or mortgage has been brilliant - one of the most refreshing things is that when you call them, somebody based in the north of England or Scotland answers the phone within seconds and sorts your issue out there and then.


We are re-mortgaging away from FD at the moment because Nationwide are offering a saving of 0.8% compared to what FD can offer. I will though be keeping my banking and savings with FD.

kilby_007

Thanks for all the comments :-)

Quick question - F.D. application, do they care how long you've been in your current job? I'm just coming out of my probation period on 10th Jan, at which point I'll have 3 months pay slips so I'll probably wait until then to apply. It seems like Tesco don't ask and they only need 1 payslip unless you're asking them to take into account overtime etc (which I'm not).

getmore4less

Can't comment on the process but that is just the first bit good or bad it is the longer term relationship that is probably more important(as long as you get the deal).

Look at the history of retention deals and followon rates in case your circumstances change and you can't change lenders.

ALso look at ERC they can swing a deal all other things being equal.

At any point where you can change product the market will have different lenders that pop up to the top, rates and fees change over time often the best will depend on the amount of borrowing and fees.

Whats the details of the deals?

A quick look and Tesco have lower fees than FD but much higher ERC and a 20% limit on overpayments.

Jimmar

I've only experience of FD but I like them. They are pretty straightforward and you can get through to someone all the time.
On my first application everyone I spoke to was really friendly knowledgeable and polite but then I had to speak to the underwriters to assess my finances and the one I had was pretty bullish. Imagine a city trader firing off questions about your finances bluntly and doing Columbo style backtracks. I did mention it when I was back in the safety the customer service team and they said basically that underwriters don't really get to speak to customers much and as their job is to deal with the nuts and bolts of your money etc they aren't really focused on the touchy feely human side of things, They assured me I'd never have to speak to them again. So I can see why they seem picky because they really picked me apart.
I remortgaged with them recently and it was pretty smooth (including the underwriter who was still probing but a bit softer) the only problem this time round was that they took the fee out without giving me a date even though I'd asked them to warn me ahead of time so I could make sure I would have enough money in the current account. As it was I didn't hit my overdraft but I would have been very cross if I had.

directdebiter

I am with FD - have been for many years and very good customer service to date. Application process was straightforward.

bownyboy

I've just applied for a remortgage at Tesco. Have gone for their 5 year fix at 2.19% with £800 fee which will be added to the mortgage.

I applied online on Sunday, spoke to the mortgage team on Monday, had call with mortgage advisor today (took 40mins) and was approved 30mins later.

Documents are in the post to sign and return and will have 15min call next Thursday to complete the process.

So far it has been painless and the operators were courteous and professional.