First Direct Mortgage Timescales

alex4072

Seen a few of these threads for other lenders, but none for FD so far. 
For me (85% LTV, FTB) First Direct had the best deal excluding HSBC (who it seems are taking forever) so I applied direct online as I knew what product was best for me. I can't find anything on their website about current timescales, I also approached a broker (habito) who's best deal was nationwide. The thread on here about nationwide doesn't paint a very pretty picture (30+ working days!) so I'm hoping First Direct will be doing better? Thats based on 100% optimistic thinking though so if anyone has gone through, or is going through a mortgage with First direct in post coronavirus times let me know how its gone/going!

boots_babe

I have the same question. We have an existing mortgage with First Direct. We are porting this to our new purchase, plus taking on a further advance.

I'd already got an AIP from them a couple of weeks back, when our offer was accepted and I rang to progress the application, I was taken aback to hear it would be 7 days just in order to wait for someone to call me to make an application appointment!

And they told me that they were currently booking these appointments for 2nd or 3rd week of September 

So I was hoping someone may have experience of what the timelines are, from when you actually have that mortgage appointment, through to being all approved. I'm really hoping that once your'e in the system, that the timelines are more normal, but am not so sure.

alex4072

So an update, had a phone call from them (49 hours after I applied, so pretty close to their 'within 48 hours' claim) and I've been booked in for a phone call on the 9th of september, although they will potentially be able to bump me up if others drop out. Lady on the phone said their in the process of bringing in more resources to cope with the demand but the last few weeks have been busier than they've ever seen. She gave me an estimate of 4-6 weeks from the time I give them my documents (so the 9th of sept for me) to the time the money is in the sellers bank account.

Will update here if anything changes

boots_babe

We gave up on First Direct, simply due to their timelines. Applied with Halifax who did the application immediately when I called up, and the valuation was done within 3 days! They validated our submitted documents (payslips etc) and confirmed they'd signed off our income within 2 days of applying.

I hadn't got around to contacting First Direct to tell them we were no longer proceeding, and it was 7 days before they called me to try to book an appointment. I explained my reason for not proceeding with them, and she agreed that appointments were currently coming up as being end of September. I couldn't possibly wait that long just to even make my initial application, seems ridiculous. So fingers crossed we've done the right thing by ditching and switching.

IAMIAM

The one thing I cannot bare about FD is that they do not allow execution only mortgages compared to HSBC. So you have to phone an explain everything to a mortgage advisor all the time. Which takes weeks and weeks

alex4072

Just updating because I had my appointment yesterday. Everything went fine and I was easily able to upload screenshots of my supporting documents and link to my bank via open banking (much more convenient than visiting a branch or doing it through online banking screenshots!).

Guy on the phone said on average its 2 weeks from first call to offer at the moment, assuming all my documents are in order.

Not sure what you mean @IAMIAM, I am getting my mortgage with FD on an execution only basis, I have only had 2 calls with them, 1 brief call to set up the appointment and the appointment yesterday to setup my account, pay the fees and hand over my documents. I've not had to speak to an advisor at all. And although I had to wait a while for the appointment, if the 2 weeks estimate is accurate then overall it will have taken roughly the same as I was quoted from a broker for Natwest/Nationwide.

IAMIAM

alex4072 said:

Just updating because I had my appointment yesterday. Everything went fine and I was easily able to upload screenshots of my supporting documents and link to my bank via open banking (much more convenient than visiting a branch or doing it through online banking screenshots!).

Guy on the phone said on average its 2 weeks from first call to offer at the moment, assuming all my documents are in order.

Not sure what you mean @IAMIAM, I am getting my mortgage with FD on an execution only basis, I have only had 2 calls with them, 1 brief call to set up the appointment and the appointment yesterday to setup my account, pay the fees and hand over my documents. I've not had to speak to an advisor at all. And although I had to wait a while for the appointment, if the 2 weeks estimate is accurate then overall it will have taken roughly the same as I was quoted from a broker for Natwest/Nationwide.

Having two calls, waiting for appointments etc is not execution only. In todays world, I would say execution is exactly how HSBC, their parent company handle it. Apply online, speak to no one and submit documents all online within minutes. Receive no information until valuers contact you and then offer issued.