FD mortgages - how long for approval?

allan673

LOSTSOCKS - im sure it will work out ok for you,the solicitors legal part to the mortgage should be pretty quick. good luck

dweeby

LostSocks wrote: »

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.

I also just called again, and got someone else. We posted our offer acceptance yesterday, but the guy didn't have it (probably in an in-tray somewhere).

The valuation on the property was what we're paying, so no probs there. I asked when the solictor pack would go out, and was told 2-3 days taking it to Tuesday. But, FD don't rush things out, so we'll see.

I've been reading as much as I can about all this, and once the solicitor pack goes out, that's about it (if the searches and everything are all done). Fingers crossed.

allan673

DWEEBY, how long did it take to receive your offer in the post please?

mrsm

Lostsocks & dweeby keeping everything crossed for you that it all happens quickly.

Not much to report here, bank account chugging along in that we got cheque books and debit cards today.

dweeby

allan673 wrote: »

how long did it take to receive your offer in the post please?

Check my (just) updated timeline here.

31 days since the original phone call, or ~28 days since they received my completed application pack and all my documents. Bear in mind we've sent everything "by return" (same day in some cases), but that they did ask us for additional info twice. All detailed in my timeline.

Whilst we recieved our offer letter on 28/02/08, it was dd 26/2/08. They don't get stuff out of the door quickly, and you can't always believe the customer service people. Just send everything back quickly.

jem16

Updated my son's timeline

totally_confused_3

Got my offer letter and surveyors letter today!!! Yipee!!! :j Will be sending it back via recorded tomorrow but as it is the weekend think it will only reach them on Tues. Sigh...

dweeby wrote: »

I also just called again, and got someone else. We posted our offer acceptance yesterday, but the guy didn't have it (probably in an in-tray somewhere).

The valuation on the property was what we're paying, so no probs there. I asked when the solictor pack would go out, and was told 2-3 days taking it to Tuesday. But, FD don't rush things out, so we'll see.

Tat's wat I was also told today when I called to check on something on my offer doc. They will only send out the legal pack AFTER the signed offer letter was received back by them.

Guess what the other lady told me wasn't quite true. But the guy on the phone today did say tat it would take 3-4 working days for the legal pack to get sent out and this does tie to the timeline given by the lady yesterday as receiving the docs on tues + 3-4 working days = approx thurs/fri to ring back to check.

totally_confused_3

Btw, I was asking a question re the offer letter as it is for interest only and I wanted capital repayment. The guy said that this was coz interest only is the min payment I needed to meet and any excess payments would be considered overpayments. Anyone told/doing the same? Coz I always thought we will be able to choose between interest only and capital repayments.

Then what is the difference putting this overpayment into the 1st Account to offset against the mortgage payments. Of course this would mean we would have to be very disciplined but it also means that the cash would be there for any rainy days. Anyone? The guy said there was no difference as this is an offset mortgage but just wanted to check..

LostSocks

Jem16 - Did your son's valuation report get accepted? Thanks for the update.

totally_confused - As far as I can see there isn't any difference if you overpay the capital payments into an off setted account when it comes to the payments and paying it off, but only if you leave the money there and don't touch it. It's when you dip in to it it makes the makes the difference. We are trying to decide what to do and have decided to pay the money into the mortgage account as we are bound to dip into it if we don't.

jem16

LostSocks wrote: »

Jem16 - Did your son's valuation report get accepted? Thanks for the update.

He doesn't know yet.

He was advised by FD not to send in the valuation payment form but just to send the valuation. At the moment we're thinking that if they were not accepting the valuation they would have phoned him to ask for permission and payment for a valuation to be done.

I have asked him to phone to see if he can find out but he's lalways "too busy" - or at least that's his excuse.