FD mortgages - how long for approval?

dweeby

totally_confused wrote: »

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.

We're at pretty well exactly the same stage with our mortgages, I think. I'm about 1-2 days ahead of you as far as I can gather.

With regards to the "interest only" thing. The interest only part of my mortgage is £361/m, but to work as a repayment mortgage I need to pay £530/m. My key features and offer letter only refer to the £361/m, but if I do that, the mortgage will never be paid off. We need to pay the £530/m into the mortgage (they call this an overpayment - but don't worry about that). Provided I pay the £530/m, its exactly the same as a re-payment mortgage.

Here's an interesting complication... Anybody is only allowed a mortgage until they are 65 years old, must be paid off by then. I chose a mortgage term to take me to my 65th year, so fine. But its my birthday tomorrow (happy birthday to me!). This'll mean that the term of my mortgage will take me over the FD age limit! It might cause me a complication, I think.

dvijaypal

i send the completed form for 4.99% last week with the document except P60 which i cannot find.. lost somewhere while refurbishing the house.... I have requested by employer to send me the Statement of earning... which i will send as soon it reaches me..... dont know if im too late for applying...

dvijaypal

just got call for FD saying i am too late offer is expired..... really gutted...busy schedule at office costed me this real oppurtunity.....

mrsm

Woo Hoo:j:T:j

I just spoke to FD as I had a query about my DD's and whilst on the phone thought I'd see how things were progressing as we received all our documents back today.

We've been approved and will get the formal offer and relevant paperwork by the end of next week. She also said they'll instruct the drive by and all being well we should be able to transfer as soon as the penalty period with our current mortgage finishes




Now, curry to celebrate or cook as planned and put the money in the mortgage pig?

allan673

R.E - MONTHLY PAYMENTS
hi, im just looking at a few posts from people who have already had there offers from f.d.
regarding the monthly payments (i opted for repayment style on the application form)- do they just deduct the interest only part of the mortgage from the first account? and so then would it be upto me to make the capital part of the payment each month? and if so then how would i do that - would it just be a monthly standing order from my first account into the mortgage account.
hope someone can clear this up for me as i just thought they would take the full amount for repayment style every month.
cheers

dweeby

allan673 wrote: »

do they just deduct the interest only part of the mortgage from the first account? and so then would it be upto me to make the capital part of the payment each month? and if so then how would i do that - would it just be a monthly standing order from my first account into the mortgage account.

Yes, yes and yes!

Bear in mind that my mortgage isn't up and running yet... but that's exactly how I understand that it works. And should you wish to overpay, you just set the standing order for slightly more. In fact, all the illustrations they send you don't refer to any type of repayments, that's up to you - they all show it as "interest only".

iwassomeoneelse

allan673 wrote: »

R.E - MONTHLY PAYMENTS
hi, im just looking at a few posts from people who have already had there offers from f.d.
regarding the monthly payments (i opted for repayment style on the application form)- do they just deduct the interest only part of the mortgage from the first account? and so then would it be upto me to make the capital part of the payment each month? and if so then how would i do that - would it just be a monthly standing order from my first account into the mortgage account.
hope someone can clear this up for me as i just thought they would take the full amount for repayment style every month.
cheers

I was told they would set a standing order up for whatever amount I wanted and they told me how much I would need to pay for repayment style - so it isn't entirely up to you.

You could vary this payment at any time and set it for any date - though the date doesn't make a lot of difference as it's all offset anyway.

LostSocks

Brilliant news mrsm :j:j, so glad I can do a return whoop for you

I've just been on phone to FD. There was a message on the system for today that said that my offer has been sent out and should be with me in approx. 2/3 days and the legal pack should take approx. 10 days. So hopefully within two weeks we will be ready for the completion if we get the call.

Updated timeline here

mrsm

thanks lostsocks I'm still today.
We stuck with cooking Saturday but had a KFC bucket yesterday (fed us all for half the price of the curry and meant I didn't have to cook on Mother's Day) so I still managed to put £10 in the piggy

I've updated my timeline, I'd love it if some could tell me how to link to it

allan673

update just rang f.d for an update, they said they requested a valuation of my house on 27th feb which takes around 7 days, then when they receive the valuation report they will send out the offer document.
i said i thought the offer was sent out at the same time the valuers were instructed (as thats whats happened to some of you here), but they said its because they are busy - but it hasnt slowed the application down ? ?
so im guessing i wont hear anything now untill i receive an offer document - probably early next week fingers crossed.