first direct mortgages

ccdorset

Hello,

I am looking to remortgage and went into a NatWest branch today to do an Agreement in Principle. All looks OK, they have asked me to upload various documents and have made an appointment for me to do a video call with another advisor next Wednesday 24th. I understand after that appointment if all is OK, I will then have a final appointment with a mortgage advisor (this will be booked in once I've seen the advisor next week).

I'm a little concerned about how long this could take as I'm trying to secure a decent rate as soon as I can.

As an alternative I'm considering first direct. Their rates are coming out fairly similar and I'm just wondering if anyone has any experience of what they are like? I know they can be slow with things like current account opening, but I'm not sure how they compare on the mortgage front.

Thanks

simon_or

ccdorset said:

Hello,

I am looking to remortgage and went into a NatWest branch today to do an Agreement in Principle. All looks OK, they have asked me to upload various documents and have made an appointment for me to do a video call with another advisor next Wednesday 24th. I understand after that appointment if all is OK, I will then have a final appointment with a mortgage advisor (this will be booked in once I've seen the advisor next week).

I'm a little concerned about how long this could take as I'm trying to secure a decent rate as soon as I can.

Wow. What a painfully long winded process for no gain at all, and potentially ending up worse off if rates rise in the meantime.

In your shoes I would have used a broker and got the application in yesterday with NatWest, you get the same rate. No more than 15-20 minutes on a call and maybe another 10-15 minutes filling an online form. Lots of brokers that don't charge a fee and even fee charging brokers will often not charge for a remortgage.

london21

Once application starts rate is secured.
Or are you able to do it yourself oline. 

movilogo

I have applied thru HSBC (who owns First Direct) and even after 6 weeks underwriters reviewing the case. The mortgage advisor says they are under huge backlog. 

While it is true that once you start the application, rate remains fixed, nothing prevents sinister banks to refuse application if they think they don't want to offer that low interest rate anymore. 

bernadettemartina85

Imovilogo said:

I have applied thru HSBC (who owns First Direct) and even after 6 weeks underwriters reviewing the case. The mortgage advisor says they are under huge backlog. 

While it is true that once you start the application, rate remains fixed, nothing prevents sinister banks to refuse application if they think they don't want to offer that low interest rate anymore. 

I am having the same issue with HSBC - valuation was done 4 weeks ago and still in a queue waiting to be reviewed by the underwriters. Painfully slow processing applications at the minute. 

K_S

ccdorset said:

Hello,

I am looking to remortgage and went into a NatWest branch today to do an Agreement in Principle. All looks OK, they have asked me to upload various documents and have made an appointment for me to do a video call with another advisor next Wednesday 24th. I understand after that appointment if all is OK, I will then have a final appointment with a mortgage advisor (this will be booked in once I've seen the advisor next week).

I'm a little concerned about how long this could take as I'm trying to secure a decent rate as soon as I can.

As an alternative I'm considering first direct. Their rates are coming out fairly similar and I'm just wondering if anyone has any experience of what they are like? I know they can be slow with things like current account opening, but I'm not sure how they compare on the mortgage front.

Thanks

@ccdorset NatWest has upped rates from today (this is for the intermediary rates, don't know about direct), so perhaps it's no longer the most cost-effective for your requirements.

I don't know about FD as they are direct only, but if they are now the cheapest for you, it may be worth checking their website to see if you can put in a non-advised execution-only application which usually will not require any calls or appointments.

Alternatively, you could speak to a broker and see what options they present. It's likely to involve much less time and effort than an advised direct application and you could get an application in asap to secure a rate. The MSE guide here can help you find a broker including a number of fee-free ones.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

Good luck, hope you are able to lock in a rate soon!

nicmyles

I have a mortgage with First Direct and one thing to note is that they require you to have a current account with them to pay the mortgage out of, so if you're concerned opening an account would be slow - that is part of the mortgage application process for them.

ccdorset

K_S said:

ccdorset said:

Hello,

I am looking to remortgage and went into a NatWest branch today to do an Agreement in Principle. All looks OK, they have asked me to upload various documents and have made an appointment for me to do a video call with another advisor next Wednesday 24th. I understand after that appointment if all is OK, I will then have a final appointment with a mortgage advisor (this will be booked in once I've seen the advisor next week).

I'm a little concerned about how long this could take as I'm trying to secure a decent rate as soon as I can.

As an alternative I'm considering first direct. Their rates are coming out fairly similar and I'm just wondering if anyone has any experience of what they are like? I know they can be slow with things like current account opening, but I'm not sure how they compare on the mortgage front.

Thanks

@ccdorset NatWest has upped rates from today (this is for the intermediary rates, don't know about direct), so perhaps it's no longer the most cost-effective for your requirements.

I don't know about FD as they are direct only, but if they are now the cheapest for you, it may be worth checking their website to see if you can put in a non-advised execution-only application which usually will not require any calls or appointments.

Alternatively, you could speak to a broker and see what options they present. It's likely to involve much less time and effort than an advised direct application and you could get an application in asap to secure a rate. The MSE guide here can help you find a broker including a number of fee-free ones.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

Good luck, hope you are able to lock in a rate soon!

Thanks everyone for your replies! I think from an email survey I have just received from NatWest, it seems that the advisor I spoke to in the call centre booked me in for a "Financial Health Check" in the branch, instead of an initial mortgage appointment. So this appointment was actually unnecessary it seems and I should have progressed straight to the appointment which I've got booked next week.

Lloyds is the cheapest overall, but they can't lend me the amount I need. Natwest are next and are offering 3.48% (prior to the increase it was 3.34%) and fd are 3.54%, though fd has a lower fee. Barclays and HSBC are also offering similar.

Thanks for all the info, that's really useful! I think I had it in my head that I should go down the advised route as I may have more protection from the FCA, but in hindsight if am confident in the product I'd like to choose anyway then this shouldn't be an issue.

I was also worried if the application had to be submitted a particular way because I'm paying off my Help to Buy loan as part of the remortgage. Perhaps I am overthinking things as always and worrying too much!

K_S

ccdorset said:

K_S said:

ccdorset said:

Hello,

I am looking to remortgage and went into a NatWest branch today to do an Agreement in Principle. All looks OK, they have asked me to upload various documents and have made an appointment for me to do a video call with another advisor next Wednesday 24th. I understand after that appointment if all is OK, I will then have a final appointment with a mortgage advisor (this will be booked in once I've seen the advisor next week).

I'm a little concerned about how long this could take as I'm trying to secure a decent rate as soon as I can.

As an alternative I'm considering first direct. Their rates are coming out fairly similar and I'm just wondering if anyone has any experience of what they are like? I know they can be slow with things like current account opening, but I'm not sure how they compare on the mortgage front.

Thanks

@ccdorset NatWest has upped rates from today (this is for the intermediary rates, don't know about direct), so perhaps it's no longer the most cost-effective for your requirements.

I don't know about FD as they are direct only, but if they are now the cheapest for you, it may be worth checking their website to see if you can put in a non-advised execution-only application which usually will not require any calls or appointments.

Alternatively, you could speak to a broker and see what options they present. It's likely to involve much less time and effort than an advised direct application and you could get an application in asap to secure a rate. The MSE guide here can help you find a broker including a number of fee-free ones.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

Good luck, hope you are able to lock in a rate soon!

Thanks for all the info, that's really useful! I think I had it in my head that I should go down the advised route as I may have more protection from the FCA, but in hindsight if am confident in the product I'd like to choose anyway then this shouldn't be an issue.

I was also worried if the application had to be submitted a particular way because I'm paying off my Help to Buy loan as part of the remortgage. Perhaps I am overthinking things as always and worrying too much!

@ccdorset If you're paying off your HTB equity loan as part of the remo, that would be classed as a capital-raise remortgage and I would be surprised if a lender would allow that on a non-advised execution-only basis as it involves you increasing your mortgage size. That's just an educated guess, I don't really know how lenders assess what is and isn't suitable for a direct non-advised app as per the FCA regulations that they have to adhere to.

Plus, depending on the lender, they may require the RICS valuation to have happened before you can submit the app.

ccdorset

K_S said:

ccdorset said:

K_S said:

ccdorset said:

Hello,

I am looking to remortgage and went into a NatWest branch today to do an Agreement in Principle. All looks OK, they have asked me to upload various documents and have made an appointment for me to do a video call with another advisor next Wednesday 24th. I understand after that appointment if all is OK, I will then have a final appointment with a mortgage advisor (this will be booked in once I've seen the advisor next week).

I'm a little concerned about how long this could take as I'm trying to secure a decent rate as soon as I can.

As an alternative I'm considering first direct. Their rates are coming out fairly similar and I'm just wondering if anyone has any experience of what they are like? I know they can be slow with things like current account opening, but I'm not sure how they compare on the mortgage front.

Thanks

@ccdorset NatWest has upped rates from today (this is for the intermediary rates, don't know about direct), so perhaps it's no longer the most cost-effective for your requirements.

I don't know about FD as they are direct only, but if they are now the cheapest for you, it may be worth checking their website to see if you can put in a non-advised execution-only application which usually will not require any calls or appointments.

Alternatively, you could speak to a broker and see what options they present. It's likely to involve much less time and effort than an advised direct application and you could get an application in asap to secure a rate. The MSE guide here can help you find a broker including a number of fee-free ones.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

Good luck, hope you are able to lock in a rate soon!

Thanks for all the info, that's really useful! I think I had it in my head that I should go down the advised route as I may have more protection from the FCA, but in hindsight if am confident in the product I'd like to choose anyway then this shouldn't be an issue.

I was also worried if the application had to be submitted a particular way because I'm paying off my Help to Buy loan as part of the remortgage. Perhaps I am overthinking things as always and worrying too much!

@ccdorset If you're paying off your HTB equity loan as part of the remo, that would be classed as a capital-raise remortgage and I would be surprised if a lender would allow that on a non-advised execution-only basis as it involves you increasing your mortgage size. That's just an educated guess, I don't really know how lenders assess what is and isn't suitable for a direct non-advised app as per the FCA regulations that they have to adhere to.

Plus, depending on the lender, they may require the RICS valuation to have happened before you can submit the app.

Sorry for the delay in replying and thanks for your help. Ah yes I did notice on a few lenders' websites it said if there was additional borrowing involved then the online route wasn't possible, so that makes sense now.

I've got the RICS valuation, so luckily that is one thing ticked off the list!

ccdorset

A quick update on this, on Friday I got an Agreement in Principle with first direct for the full amount needed. They asked me to upload 1 months payslip and 1 months bank statement, which I've done and it is now with the underwriters. I should hear within the next 7 days if all is OK and then get an appointment with a mortgage advisor to book the product.

I also have an appointment with NatWest tomorrow (previous one got cancelled) and their rate is lower. I thought perhaps I could see if I could get an agreement in principle with them too. I'm just worried about potentially having two hard credit searches if NatWest do one tomorrow before first direct. NatWest seem to do things differently as I have already uploaded all the documentation via Digidocs, so I'm not sure if they will do the hard credit check tomorrow. Does anyone know at what point in the application process the hard credit check is done?

Thanks :-)