FD mortgages - how long for approval?

totally_confused_3

dweeby wrote: »

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!

Hm.. that is not wat the lady said when I just called.

I called to get the number of my surveyors as I wanted to check if everything was ok with the valuation this morning. Got told that my offer letter has gone out yesterday so I should receive it today or tomorrow. But, the legal pack to the solicitor (containing offer letter etc) will take approx 10 days to go out. Maybe this is wat is the delay due to? But still it doesn't sound like 8-10 weeks although the lady on the phone did say that it might take longer than 10 days to get the legal pack ready as they are really busy.

Anyway, called the surveyor and got told that our purchase price is a "fair amount to pay". Not entirely sure what tis means but hopefully tat means the valuation is ok and it is not going to be under-valued. Now, just need to sign and return some forms they sent over and my homebuyer's report will be released to me hopefully early next week!!!

Much progress today but still loads more to go.. fingers crossed....

totally_confused_3

LostSocks wrote: »

Once they have received the signed offer, they will then send the solicitors the legal pack.

Hm.. as mentioned, this is not wat the lady told me when I just called. She said the legal pack can be sent out even before they received the signed offer.

I am soooooo used all these conflicting information already... :rolleyes:

dweeby

totally_confused wrote: »

But, the legal pack to the solicitor (containing offer letter etc) will take approx 10 days to go out.

So 10 days??

LostSocks wrote: »

Once they have received the signed offer, they will then send the solicitors the legal pack.

So, straight away??

And they told me 8-10 weeks!

How long does the solicitor need once he has the mortgage offer letter?

I think the people who answer the phone are customer service reps, and probably stressed because they're so busy. By all accounts, they all say different things! And, we all have slightly different circumstances, eg. we're buying not re-mortgaging.

All any of us can do, is get everything back to FD as soon as... And then chase them to find out what's happening. Our signed acceptance will be with FD tomorrow, don't know when they'll act on it though (because, in case you didn't know "they're very busy!").

totally_confused_3

dweeby wrote: »

So 10 days??

So, straight away??

First things first, LostSocks and I have been given different information.

For legal pack,

LostSocks is based on the legal pack being sent out AFTER signed offer has been received.

Mine is based on legal pack being prepared now BEFORE signed offer has been received, i.e. 10 days from today.

As for solicitors to act on it,

LostSocks is based on 10 days from deed being received by FD from solicitors. (mortgage deed?)

Mine is based on a possible immediate completion once exchange takes place and the legal pack has also been received by solicitor but deed does need not be sent back yet. (at least this is my understanding...)

The lady said to check back Thurs/Fri next week to see if the pack has been sent out so will keep you posted.

But as Dweeby has rightly put it, we should just get any docs back asap and then chase to see the progress. :rolleyes:

mrsm

LostSocks wrote: »

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.

.

I was told the rate booking fee would not be refunded if I pulled out but if for whatever reason they would not lend the funds then the fee would be refunded

hth

dweeby

totally_confused wrote: »

LostSocks is based on the legal pack being sent out AFTER signed offer has been received.

Mine is based on legal pack being prepared now BEFORE signed offer has been received, i.e. 10 days from today.

As for solicitors to act on it,

LostSocks is based on 10 days from deed being received by FD from solicitors. (mortgage deed?)

Mine is based on a possible immediate completion once exchange takes place and the legal pack has also been received by solicitor but deed does need not be sent back yet. (at least this is my understanding...)

Aha! so I'm the one who's "totally confused"! my brain is somewhat fried at the moment with all this. I've actually discounted the 8-10 weeks that I was told, I think this must be the total time from reciept of application form (although that is what they said).

Ps. I'm glad you lot are here to compare notes with, this way I don't have to believe everything I'm told. It's also nice to know that others have the same frustrations.

fizz07

Not even got the application pack yet even though I was told it would arrive by weds at the latest (agreed over the phone on Monday). Looks like i've got a long road ahead. Did ring them last night though and was basically told to wait till it comes even though I was originally asked to pay the booking fee within 5 days of agreeing over the phone. Was also refused a transfer to the mortgage guys as they were too busy and the woman told me that she had been taking the excess calls for the mortgage dept all night. Might be a bit premature but I hope this is not a sign of things to come.

allan673

hi - just checked out first directs site, the 10 year fix is 5.49% now !!!
im just glad ive paid the booking fee and got the ball rolling for the 5.15% deal they had originally.

got my pin numbers today for the cashcards, just waiting for the offer in the post - i rang on tuesday and they said around 7 days for it ?

dweeby

dweeby wrote: »

I've actually discounted the 8-10 weeks that I was told

Although, what I didn't explain was that the mortgage agreement said something like "assuming that the mortgage would start on 1st May". I queried this, and was told that it was just almost a default thing, and that they absolutely guaranteed to have the mortgage in place by then - and that I could more or less ignore this date. But, it does fit with the 8-10 week estimate I was given...

...check your mortgage offer letter for this date.

Another 8-10 weeks would mean I'd loose the house I'm buying.

LostSocks

Well I phoned FD again. I'm starting to worry with us having a completion at any moment now. Why did I agree to exchange :mad: (agreed before I decided to try for a cheaper mortgage).

Got another fellow and asked him similar questions as yesterday. This time they said once they have received the signed offer back, solicitor's legal pack will be prepared and then sent out. Probably looking at a few days turnaround and sent via a special courier, which is next day. Then it depends on the solicitor as to how long it will take to be able to complete. Apparently, they wait until your signed offer has come back as you may pick up some corrections that are needed on the offer and the solicitor would then need to recheck the new offer, so it is done this way to try and save you money.

I went through the whole, begging :rolleyes: stage of trying to get them to rush it through. Never works though, but at least I feel like I'm trying.