FD mortgages - how long for approval?

dweeby

HelpMeMove wrote: »

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.

Was the £299 the initial reservation fee, or the final setting up fee? We paid our initial fee several weeks ago, and it ensures the interest rate. The second £299 is taken at the end of the process (I think, although it could be added to the mortgage - I'm not sure).

To recap, about a week after applying we paid the £299 reservation fee, then we paid £200 last week for the survey, and we still have £299 set-up to pay (reservation and set-up may not be the right names!).

Our update is that the "assessors" passed our application to the mortgage support team last tuesday (9 days ago), the support team are supposed to be organising the valuation - which I don't think is done yet (although we've been debited the fee). Haven't a clue as to when we'll get our offer, although I hope it's soon.

And we wait... it's like watching paint dry!

totally_confused_3

dweeby wrote: »

Our update is that the "assessors" passed our application to the mortgage support team last tuesday (9 days ago), the support team are supposed to be organising the valuation - which I don't think is done yet (although we've been debited the fee). Haven't a clue as to when we'll get our offer, although I hope it's soon.

Dweeby, you might want to give mortgage support a call to ask them to ring through to the surveyors to see when the valuation has been scheduled/has been done. That is wat I did and I know tat my valuation is scheduled for this morning. (although you might also want to double-check with your EA as well since I got the "wrong" info from FD)

Now waiting to hear from my surveyors hopefully by noon as I am doing a homebuyer's and the report will take 5 working days to get to me so they said the surveyor will give me a call to let me know if he thinks there is any major problems!!!

dweeby

Wife just called, 8 page offer document received this morning! woo-hoo!!!

3 copies, needs signing and returning, and has the following clause:

"clause 14. Offer subject to the reciept of a satisfactory valuation prior to completion."

Letter was dd 26/2, and presumably means that:

1. We could possibly exchange prior to the valuation (if for some reason we wanted to do that!).
2. The offer is a firm offer once the valuation is done (which it may alreadt be).

Off to call FD!

<update - called FD>
This is what gets me angry!

FD confirmed valuation is done, so the above clause is no longer applicable.

So I asked them about potential exchange/completion dates. Answer "8-10 weeks after mortgage support received your file" which was 20/2. So, potentially another 8-10 weeks??? She wouldn't enter into a discussion about this, and I don't understand what's going on!

Underwriting/credit checks done.
Valuation of the property done.
Searches etc, just about done.

Why another 8-10 weeks??

mrsm

great news dweeby:j not long now then:beer:


I had a little play with my shiny new 1st Account last night and have called the tax credits people so hopefully my 1st deposit will go in there on 11th

allan673

my pin numbers arrived today for the cashcards, updated times on pg1.
just waiting for the offer in the post now ! hope its not too long ?

mrsm

I got a paying in book and transfer date for my DD's to my 1st Account

HelpMeMove

dweeby wrote: »

Was the £299 the initial reservation fee, or the final setting up fee? We paid our initial fee several weeks ago, and it ensures the interest rate. The second £299 is taken at the end of the process (I think, although it could be added to the mortgage - I'm not sure).

It was the initial reservation fee. I thought they only took this when it was agreed?

mrsm

HelpMeMove wrote: »

It was the initial reservation fee. I thought they only took this when it was agreed?

I was originally told the rate booking fee would be processed in a couple of days. Today they are still saying they're "a bit behind processing the payments and it should be taken shortly although the rate is booked" but I suspect they don't process until the mortgage has been approved to save them from having to process refunds if they turn you down

dweeby

HelpMeMove wrote: »

It was the initial reservation fee. I thought they only took this when it was agreed?

They took my first £299 quite early in the process, and it wasn't approved at that point. But I just checked your time-line, and if they're carrying out the valuation, I think you'll be like us "approved subject to valuation".

My current issue is the time-line they've quoted me from offer letter (which you're about to receive) and being able to exchange. We're buying not re-mortgaging.

I just shot home at lunchtime to get our offer signed and returned to them "same day"...

LostSocks

My booking fee hasn't been taken yet either, but it looks like it could be pending on my credit card. I was under the impression that it's not refundable.

Just got Hubbies wage slips back today.

Phoned FD as Dweeby's post annoyed me too (I should say I mean what FD are saying to him about timescales). They said to me that once it has been scanned on the system (which it has been done today), then the credit team need to look at it and then send out the offer details. We then have to sign them and send them back. Once they have received the signed offer, they will then send the solicitors the legal pack. Which is annoying as most mortgage lenders send it at the same time as your copy of the offer. In this pack there is something that you need to sign with your solicitors (I think this is the title deeds or something), then once FD have got this, then you can complete within 10 days. But they did say that if they haven't got the title deeds back 48hours before the completion date then it can be faxed to them and funds released.

So it's a very long winded process and I hope it only takes 3 weeks for us, as we have a 9 day notice for completion now looming over us, potentially for the 1st week of April or even sooner.