FD mortgages - how long for approval?

LostSocks

mrsm wrote: »

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

I'm a SAHM too and we have gone for the 10 years as well, mainly because we need the stability. But also because we think if there is a recession or house bubble burst, then interest rates are likely to rise and we might as well try and get the best rate for as long as possible to ride it out.

HelpMeMove

Woo hooo, just checked my CC statement online and the £299 payment has been charged so can only assume the application has gone through. I didn't receive anything in the post yesterday so maybe today when I return from work. Will call FD for an update in the meanwhile.

Updated my timeline here http://forums.moneysavingexpert.com/showpost.html?p=8663255&postcount=22

iwassomeoneelse

LostSocks wrote: »

I'm a SAHM too and we have gone for the 10 years as well, mainly because we need the stability. But also because we think if there is a recession or house bubble burst, then interest rates are likely to rise and we might as well try and get the best rate for as long as possible to ride it out.

This (http://news.bbc.co.uk/1/hi/business/7265828.stm) is another reason why I'm now glad to have fixed for 10 years - it seems credit won't be as cheap as it was for quite a long time...

totally_confused_3

LostSocks wrote: »

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

Thanks for the information LostSocks. Definitely helps in my planning for exchange/completion. I am trying to target completion around Easter and not sure if it is too ambitious.

Anyway, an update from me - the surveyors called husband yesterday evening and managed to schedule our valuation for tomorrow morning instead of next week!!! Yipee!!!! :j Which means according to the timeline given by FD and the surveyors, FD should know abt the valuation by Fri (next working day) so hopefully I will know if everything is ok by the weekend!!! Hoping it will be a good weekend for me as I had a horrid one last week, no thanks to FD.

mrsm

yay, my 1st account is now live. :T

LostSocks

No news on the FD side, although I got the pin numbers through today for the cards.

On my house move though there is news. We have exchanged today (on the basis we already have a mortgage offer with Norwich and Peterborough, which we will use if FD doesn't come through in time). We will have 9 days notice for completion and we are currently aiming for 1st week in April. I hope we get told before the 24th of March as I will then be able to give our 1 months notice on our rental, otherwise I'm going to be stung for an extra months rent. We also have a lockstop date of 1st June, which means if we haven't completed by then (I hope we have) then we can pull out and not be to blame.

mrsm

great news lostsocks, lets hope its smooth sailing all the way from now on

allan673

LostSocks wrote: »

No news on the FD side, although I got the pin numbers through today for the cards.

how long after getting your cashcards did you get the pin numbers please?
i got my cashcard on friday 22nd feb, no pin as yet.

LostSocks

allan673 wrote: »

how long after getting your cashcards did you get the pin numbers please?
i got my cashcard on friday 22nd feb, no pin as yet.

I got my cards on the 21st, so you might get the pin numbers tomorrow? Although I am convinced my post only gets delivered every other day :rolleyes:

HelpMeMove

No AIP in the post when I got home even though payment of £299 had been taken. Called and was advised its in transition to the mortgage team from assessors. Could take a week before we get agreement in post! Opted to have the valuation done in the meanwhile.