First Direct Fixed 5.25 fixed offset

Splott_Boy

We found the 2yr 5.25 fix a good compromise as the fee is only £99 and for our mortgage the cost (edit : where cost = monthly repayments over 2 years + fees)was roughly equivalent to the 2 year 4.75 fix with 1499 fee.

Good option if you think rates will be lower in 2 years. Also only need to lose £99 if a better deal comes along before you sign up fully.

Early repayment still 3% 1 yr, 2% 2nd yr. Closure fee £149.

If it is for a house move then valuation fees aren't great - £330 for our valuation (may vary with house value). Cost for Homebuyers report was over £200 more than we were quoted by a local surveyor - a slight 'hidden cost' in my book, but not enough to put us off.

Never dreamt I would end up with HSBC/firstdirect mortgage, but these seem good deals - make sure you factor in the fees though !!

mrsm

And what happens if you miss them?

I'd really like to get going with this, I called on Thursday and was told they'd get back to me as they are really busy (I wonder why;))


And are people finding it easy to be accepted? With have good credit rating etc but the amount we need to borrow is close to the limit the multiple my Husband can get (I don't work). I do get quite a lot in tax credits/child benefit but they said they don't allow them where as Egg will take into consideration

jem16

mrsm wrote: »

And what happens if you miss them?

I'd really like to get going with this, I called on Thursday and was told they'd get back to me as they are really busy (I wonder why;))

My son phoned on Thursday too and gave his details for a call back. He phoned on Saturday and said he was anxious to get things moving. he was advised to call early in the morning (at 8am) and he might manage to get someone at the time. He did this on Sunday morning and they said the usual "will call back". He then said he'd been told to phone then and they managed to put him through to someone.

Keep hassling.

mrsm

thanks jem16. I did try calling again on Sunday hoping they would be quieter but they still sai they were plying catchup. I may try to call in the morning early and see what they say

Gambler

mrsm wrote: »

And what happens if you miss them?

I'd really like to get going with this, I called on Thursday and was told they'd get back to me as they are really busy (I wonder why;))


And are people finding it easy to be accepted? With have good credit rating etc but the amount we need to borrow is close to the limit the multiple my Husband can get (I don't work). I do get quite a lot in tax credits/child benefit but they said they don't allow them where as Egg will take into consideration

do they take maintenance into account?

mrsm

Gambler wrote: »

do they take maintenance into account?

I don;t know, the person I did manage to speak to said they will alone lend on multiples of salaried income and I'd need payslips. But when I do manage to speak to a mortgage advisor I'll see what they say. Our income is 1/3 higher if we include tax credits/child benefit

jem16

dweeby wrote: »

I've signed up for a FD mortgage, here's how they work (best of my knowledge):

1. You have to open an account with FD, but you don't have to pay your salary into it.

Do you have to open this separately or is it done as part of the process? My son applied on Sunday and is just waiting on the paperwork coming through. How long does this part take?

dweeby

jem16 wrote: »

Do you have to open this separately or is it done as part of the process? My son applied on Sunday and is just waiting on the paperwork coming through. How long does this part take?

They send you a pack with everything you need in, both for the account and for the mortgage. With the completed forms, you have to send p60s, bank statements, proof of ID etc. Then you wait...

Our was with them (by "special delivery") on 1/2/08. The bank account part of it is approved, and we're waiting for a mortgage offer. I suspect that they process the account part first, because if they couldn't offer you an account - you wouldn't get a mortgage.

We're not re-mortgaging, we're buying a house. Hope it doesn't take long, as far as I know - they haven't valued our house yet. I think they're busy because of the deals on offer...

jem16

dweeby wrote: »

They send you a pack with everything you need in, both for the account and for the mortgage.

Thanks.

How long after applying did you get the pack?

dweeby

jem16 wrote: »

How long after applying did you get the pack?

All you want to know is here, check out the thread.