FD mortgages - how long for approval?

allan673

updated my times on pg 1 of this thread, just got cheque books and paying books today.first account and savings accounts are set up, and internet banking is up and running fine.the £299 booking fee still hasnt been taken yet.gonna ring them on tue or wed for an update next.
i will keep posting updates for you, please do the same !

mrsm

nice one helpmemove & allan:T

Mini udate from me, I had a call from the 1st Account people today, asking for more info on my income (tax credits and child benefit) and then was told out 1st Account has been approved:D

jem16

Update from my son.

He had a phone call today from FD. It was the credit department who had a couple of questions about his bank statements as he transfers a lot out to web savers each month but of course it only says transfer on the bank statement. They said that was what they were hoping to hear and would phone back within the hour. They did phone back and have said they would be happy to lend him the funds. They will now pass it over to the mortgage people to see if they will accept the valuation he has provide from his surveyor. They will be in touch soon.

His timeline is;

7.2.08 - first contacted FD and left details for a callback.
10.2.08 - phoned at 8am and got to speak to someone who went through the application with him.
13.2.08 - application forms received from FD.
14.2.08 - posted back to FD via special delivery.
15.2.08 - posted on P60( he couldn't find it the previous night) and most recent wage slip.
18.2.08 - received letter from FD confirming receipt of his application
21.2.08 - 1st Account opened and set up security details
23.2.08 - FD called. They agreed to lend him funds. Passed to mortgage dept. to see if valuation he sent was acceptable. Would phone soon. Arranged to send back P60 as other documents were just printed and not needed.

Further update

25.2.08 - £299 fee taken
26.2.08 - P60 returned. FD also phoned - apparently getting back to him from 22.2 when he phoned to ask for update on progress

Further update

1/3 - spoke to FD who said his application had been passed to valuation team to see if they would accept his enclosed valuation. They would phone him on Monday.

3/3 - No phone call from FD

4/3 - phoned FD who have confirmed that they will use his valuation. He was told that his offer letter would be sent out today and also sent to his solicitor at the same time.

Further update

11/3 - Text from FD asking him to call. He has to pay a £65 retyping fee for his valuation. Has been told he should have his offer letter by end of week

13/3 - Phoned FD to ask if it had been sent. Was told it hadn't been sent yet despite being assure it would have been. He told them he needed the funds by 11/4 and they said they would prioritise it.

14/3 - FD confirmed it had been sent on 13/3

15/3 - Offer letter arrived today.

Update

2/4 - After numerous phone calls FD finally confirm that legal documents were sent out on 31/3. Solicitor received documents 2/4

Update

16/4 - Text from FD today to say that mortgage account opened.

Gambler

With the affordability checks are FD trying to check you can repay the full payment every month or just the interest?

Thanks

jem16

I don't know for sure although I would guess it's just the interest as that is all you are required to pay.

My son has opted for a repayment style.

Gambler

jem16 wrote: »

I don't know for sure although I would guess it's just the interest as that is all you are required to pay.

My son has opted for a repayment style.

Thanks Jem, I'm going for repayment too. I am asking to borrow slightly more than I need and use the offset facility as I can't bring myself to dip into my cash ISA !

allan673

im going for the repayment style method, i chose this on the application form.has anyone had anymore updates from f.d ?

LostSocks

Thanks everyone for your updates so far. I have nothing to report. I've given up phoning, as Fri and Sat there was no progress when I phoned. Might phone tomorrow but not sure, I'm starting to wonder if my daily phoning is hampering me more than helping now.

dweeby

LostSocks wrote: »

I'm starting to wonder if my daily phoning is hampering me more than helping now.

I'm not sure either. Certainly stressed me out, and I know they note when you ring. Got the impression of "oh no, not again!".

But, on more than one occasion they said they'd tried to call, and written when they couldn't get hold of me (which caused a delay). My mobile is on 24/7 and it's usually next to me, no missed calls.

By calling, I got to them before the letter arrived, so I saved time. Also, I have people (seller, EA, etc) chasing me regarding the timescale/progress. By calling, at least I knew exactly where I was up to.

totally_confused_3

LostSocks wrote: »

Thanks everyone for your updates so far. I have nothing to report. I've given up phoning, as Fri and Sat there was no progress when I phoned. Might phone tomorrow but not sure, I'm starting to wonder if my daily phoning is hampering me more than helping now.

That's exactly wat I was thinking on Sat too as it started to seem that those who didn't chase/call got their approvals faster!!!!

I called them as I didn't receive my docs back and had seen tat most pple (whose mortgage forms were already with the accessors/already approved) had gotten theirs back and so wanted to check in case it got lost or something. Guess wat they told me? They actually said that tat was coz my mortgage was still not approved and it was still with the accessors!!!!

I was of course fuming and said that it was not wat was told to me on Wed night or Fri when they called regarding the valuation instructions!!!! I said that I definitely wouldn't have proceeded with the valuation if the mortgage was not already approved since the valuation fee was non refundable. I then demanded to speak to a manager or someone higher.

(P/S: At this stage, she also tried to tell me that the valuation fee would be refunded if they reject the mortgage. Definitely not the impression all of us are under else all of us would have already proceeded with the valuation even before our mortgage approval was done!!!!)

Of which, she then put me on hold and then came back a couple minutes later and said that "oh the mortgage has just been approved and it is now passed for scanning into our system and it will then be passed to us (mortgage support). After which, your docs will be returned to you." So not what I was told on Fri coz they called saying that my docs were already scanned on the system and they were calling to check on some questions on the forms that were scanned.

She ruined my whole Sat for me and I was just sat fuming and refusing to talk to her further. Later, I found out from my husband that our docs actually arrived the night before (i.e. Fri) but he just put them aside without telling me. Which means she didn't know what she was talking about!!! Husband suspects that they might either be giving a "standard" answer without really checking the details or those who work on Sat are just imbeciles!!!

Anyhow, she did confirm that the valuers had been instructed on Fri and said I could ring back on Mon/Tues and they could call them during a weekday to find out the scheduled date of the valuation.

But as dweeby said, at least the daily calls helped to give us an update on the progress we are in as we are also receiving pressure for the date of exchange and since we need to complete 2 weeks after exchange, we need to know where we are.

Oh well, will keep you updated after my call today. Oh, happy times!!!