FD mortgages - how long for approval?

totally_confused_3

Hm.. was reading through the whole thread and was wondering if anyone has the answers to these questions (which is being asked by a few people already)

1. Can we exchange once we have the offer letter?

2. When do our solicitors will also get a copy of the offer letter and legal docs? Only when the offer letter is returned or is it sent at the same time ours is sent to us. Coz this will have an impact on when we can complete right? Since the docs have to reach our solicitors.

3. From exchange to completion, what is the timeline? I understand that some lenders might need min 10 days to get the funds ready but some request for 2 weeks. Which applies to FD?

Thanks for any help that anyone can offer!!!

pamelab21

mrsm wrote: »

well done pamelab21:j

Have you posted a timeline? I'm hoping ours might be similar to yours. We're re mortgaging and have approx 35% LTV

In work at the minute but I think that I started the application on 27/01/08. So after 4 weeks really I am at this stage.
I have always been quick to send back their docs etc but I was scared that this DOB issue would hold things up but seems to be ok.

Gambler

Gambler wrote: »

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.

just heard no 4.99 for me. new rate out 1st march but no idea what it is.

mrsm

Gambler wrote: »

just heard no 4.99 for me. new rate out 1st march but no idea what it is.

Oh Gambler that's a bit poo:mad:. Sorry you missed out.

Who knows maybe come march you'll get a better offer and we'll be :mad:

Gambler

mrsm wrote: »

Oh Gambler that's a bit poo:mad:. Sorry you missed out.

Who knows maybe come march you'll get a better offer and we'll be :mad:

Thanks Mrs. M. I fancied they 5 year as I see 2 year as too short and 10 year too long. Although I haven't discounted either as I still fancy the whole idea of offset.

iwassomeoneelse

Gambler wrote: »

Thanks Mrs. M. I fancied they 5 year as I see 2 year as too short and 10 year too long. Although I haven't discounted either as I still fancy the whole idea of offset.

I must say I was keen on five years, then went to ten when the five became sold out. Ten years ties into my youngest being 18 though, so it does suit us as that's the time to send them off to Uni or work and sell up whilst they're not here!

Gambler

iwassomeoneelse wrote: »

I must say I was keen on five years, then went to ten when the five became sold out. Ten years ties into my youngest being 18 though, so it does suit us as that's the time to send them off to Uni or work and sell up whilst they're not here!

did you get 5.15?

iwassomeoneelse

Gambler wrote: »

did you get 5.15?

Yes, but only just.

mrsm

Originally I was worried 10 years was too long but being a SAHM and hoping to pay off in 10 years we felt the rate was low enough to fix for this long.

Just need to keep feeding the mortgage pig now

LostSocks

Congratulations pamelab21, must have been very annoying about the DOB. I wonder why that got changed? and by who? :huh:

Sorry Gambler, that's very poor on FD's part. One of the things that did make me wary about FD was the wait for FD to get back to me after my initial enquiry. It was going on over 2 weeks and I called nearly every day to try and persuade - well begged :rotfl:is the proper term, for them to get back to me.

totally_confused - from what I can gather, the solicitors get the offer at the same time as us. I asked about the notification period the solicitor needed to drawdown the mortgage and she told me it was instant. I hope so, because if we ever exchange, it is on a basis of a 10 day notice for completion. Yes you can exchange once you have the offer and all the legal stuff is completed. HTH