Which credit ref do First Direct Mortgages use?

FIRSTTIMER

Experian Equifax or Both

Futuristic

According to the MSE article, both.

http://www.moneysavingexpert.com/credit-cards/credit-reference

MickeyDaMouse

Can confirm it's both. I bank with them and my current account details are updating every month on Experian and Equifax.

FIRSTTIMER

Does anyone know when do they credit check a mortgage application for existing current account customers...


Before or after valuation? I have already had a DIP and application done and valuer's instructed.

Shauna85

Hey, im currently going through first direct mortgage process- existing customer with them had AIP & vaulation mortgage application is currently with underwritters.

I think they have yet to do a credit check on me, as ive been reviewing credit file daily to see if there has been any new searches.
Id say now its at the underwritters itll be done.

Shauna85

Would be interested to know how long it took the undeewritters to approve you firsttimer?

Thanks

S

FIRSTTIMER

I am not there yet....but I am exciting customer too


AIP - Accepted
Mortgage Telephone AIP - Accepted/Same Day Approval
Valuation - Due this week with a 48 hour return to FD
Underwriters apparently have a 72 hour turnaround to say yay or nay and then ur mortgage advisor assigned to you will do the paperwork etc and send out offer

Shauna85

72 hours! Great! Mine went on thursday afternoon, i would assume they dont count weekends in the turnaround time.

Although I know all should be well, i am weiry! They didnt want any documentation at all!

I instructed the valuator on Monday, valuation completed tuesday and countrywide emailed me a copy of the report on wednesday! Nothing to complain about thus far! The valuation was free so that was nice!

FIRSTTIMER

Yes and again they credit check at underwriters and credit check again before releasing funds to solicitor - very through in terms of processing but very time consuming for customers

Shauna85

Again before releasing funds to solicitor!! So you could have gave your mortgage deposit at exchange and then u could potentially fail at the releasing funds so solicitor stage losing your dep?? Obvs ill continue to conduct well! But wow!

FIRSTTIMER

no it'll be at exchange - most solicitors request funds at this stage - as its only a max a week between the two usually