FD mortgages - how long for approval?

allan673

quick question for you, as part of the offset mortgage a first account and a savings account have been opened for me.
if i have say £1000 in the first account is it still offset against the mortgage? or does it have to be in the savings account?
just a bit confused as to why theyve opened 2 accounts for me.
any helps appreciated...............p.s no new updates from me, booking fee still not taken from my account.

Gambler

allan673 wrote: »

quick question for you, as part of the offset mortgage a first account and a savings account have been opened for me.
if i have say £1000 in the first account is it still offset against the mortgage? or does it have to be in the savings account?
just a bit confused as to why theyve opened 2 accounts for me.
any helps appreciated...............p.s no new updates from me, booking fee still not taken from my account.

I think both the current and savings accounts are tied in.

LostSocks

Gambler wrote: »

I think both the current and savings accounts are tied in.

That's how I understand it. I think you pay your mortgage directly from the current a/c they have set up.

On another note, I forgot to mention it earlier. I was speaking to a FD person about my transfer of the current account. He was trying to sell me the First Directory service. It costs £8 for the first 8 months and then £9.95. One of the offers from the first directory service is £100 cashback if you take out a offset mortgage, so potentially it will only cost you £3.80 for the year. It's no good for me because I don't travel abroad and I don't care if my mobile gets pinched.

If you take it out before your mortgage (I think he said when you accept the offer), then you can qualify for it. Also I've just noticed that life insurance has a £40 cash back. I haven't got a quote yet, as I currently shopping around, so no idea if it's any good.


HTH

mrsm

that's what I thought too but obviously I don't know for certain. I wonder if its if you want to actually save money you can clearly see what you've saved iyswim?

Gambler

pamelab21 wrote: »

Watch your self with this.
We had all our letters and bank cards through asking us to call and activate the account and set up security...we also rcvd the mortgage offer through which we have signed and returned and a valuation should now be arranged. I have been trying to set up security (my husband has already set his up) but they are saying that my DOB does not match their system, could be their input error, they had to apply for my original application forms (which took 2 weeks instead of 2 days for some reason) and they are telling me that this will definately be holding up the mortgage.
They asked me every possible question from that application form possible anmd I answered each one correctly on Sat night.....but they still want to see a copy of my birth certificate....:mad: :mad: :mad:
If I was not this far along I would be looking elsewhere for a mortgage.
It is also making me think twice about moving all my banking, but I know I really need to if I want to take full advantage of the offset feature.

Just activated my account which was a lot easier than I thought as I am a previous customer of FD so all my security settings are the same.

Then went through the usual routine of trying to get a line through to the mortgage team and the guy assured me I would get a call back asap.

The difference today was that I did actually finally get to speak to the mortgage team - hurrrah :beer:


But that's where the good news ends. After nearly 2 weeks of trying the 4.99 was honoured for certain people on a list but my name wasn't on it so I can't get it.

My case has now been referred to a department manager as there is a meeting tonight about people who registered before 14th Feb but I dont hold out much hope as the funds are well gone and a large number of people have already had deals honoured.

jem16

LostSocks wrote: »

My valuation report is going to be used. :T So, just waiting for offer docs to come through, which should be this week.

Have you to pay anything to have it retyped for thei use or did they accept it as is?

LostSocks

jem16 wrote: »

Have you to pay anything to have it retyped for thei use or did they accept it as is?

They have said they are going to use it as it is, so don't need to pay anything.

iwassomeoneelse

allan673 wrote: »

quick question for you, as part of the offset mortgage a first account and a savings account have been opened for me.
if i have say £1000 in the first account is it still offset against the mortgage? or does it have to be in the savings account?
just a bit confused as to why theyve opened 2 accounts for me.
any helps appreciated...............p.s no new updates from me, booking fee still not taken from my account.

If you have £1000 in any linked account it will save you mortgage interest, the point is so you can control what's in the current account, what you're saving, and the mortgage. You get the benefits of paying less overall interest, but you're able to control what's where and why...

allan673

thanks for that, its cleared everything up for me, great answer !

allan673

has anyone actually had the booking fee debited from there account yet - and if so after how many days ? nearly 2 weeks since i paid with my card over the phone - and its still not been taken?

the post has just been delivered, f.d have returned my bank statements, wage slips, and p60.just updated my times on page 1, i might ring them today - if theres any news i will let you know !