First Direct/Virgin/Tesco Mortgages

FIRSTTIMER

Hi All,


Any thoughts or experiences on these 3 lenders? They seem to always be at the top of the table when I am searching. (80-90% LTV First Time Buyer).


Thanks

journeymanpro

Virgin very good for us through broker. Fast effecient process

maginot

I used first direct 2 1/2 years ago, first time buyer, 90% LTV, didn't use a broker and all done very quickly and efficiently. £173 for a valuation and I sourced my own conveyancers (have heard of others poor experiences with FD own solicitors). Whole process took 3 months from house offer (hadn't even spoken to FD before offer, although had checked to see how much I could borrow)
Remortgaged after 2 years end of fixed deal to an 80% mortgage with FD and all sorted within 2 weeks.
Only issue with FD is their mortgage phone line is often busy and can take up to 20 minutes on hold before they answer (although every problem/question is answered in one phone call).

SavingSteve

maginot wrote: »

I used first direct 2 1/2 years ago, first time buyer, 90% LTV, didn't use a broker and all done very quickly and efficiently. £173 for a valuation and I sourced my own conveyancers (have heard of others poor experiences with FD own solicitors). Whole process took 3 months from house offer (hadn't even spoken to FD before offer, although had checked to see how much I could borrow)
Remortgaged after 2 years end of fixed deal to an 80% mortgage with FD and all sorted within 2 weeks.
Only issue with FD is their mortgage phone line is often busy and can take up to 20 minutes on hold before they answer (although every problem/question is answered in one phone call).

When remortgaging with FD did you find they offered the same products to you as an existing customer as they advertised for their new customers at that time? Any preferential rates or!lpwer fees? Or worse still any rates not offered to you as an existing customer?

Denizefe

Virgin is the best

maginot

SavingSteve wrote: »

When remortgaging with FD did you find they offered the same products to you as an existing customer as they advertised for their new customers at that time? Any preferential rates or!lpwer fees? Or worse still any rates not offered to you as an existing customer?

I used various sites to check best deals and first direct were still the best rate. I initially rang to choose their 85% LTV but they said I had more equity and there could be a better product (as not taking advice I had to say which product I wanted). I then chose the 80% LTV 2 year fix no fees.
You also get slightly better rate than new customers as an existing customer (although think this was only 0.1%).
You have access to every product and all are slightly better ones as an existing customer.
To be fair this was all new to me being a FTB and was expecting to pay new valuation fees and have people coming round, lots of paperwork, sending off evidence of earnings and signatures etc. So was very happy FD sorted it all very quickly and just needed to ring to confirm offer and sign documents ��. So now on 1.89% from 3.69% and no fees or costs.

SavingSteve

Good to hear, thanks for the response.

Reason I asked is I am with Chelsea Building Society and it is becoming apparent that at the end of my current fix I will not be offered as good rates as they offer to new customers, which is extremely dissappointing.

The next lender I pick I want one where I might be given the same or preferential rates as they offer new customers at the end of a fixed deal. FD are looking like they'll fit the bill, especially as their rates are consistently competitive!

FIRSTTIMER

First Direct I bank with since bread was sliced. They are awesome.