FD mortgages - how long for approval?

LostSocks

Jem16 - that's good news about your Son's valuation. I'm glad it's all worked out.

Helpmemove - oh, that's bad news about your agreement being wrong. I hope it doesn't delay your mortgage by much.

HelpMeMove

LostSocks wrote: »

Helpmemove - oh, that's bad news about your agreement being wrong. I hope it doesn't delay your mortgage by much.

I'd imagine it will be a few days before i receive the new offer docs, so it's probably delayed us by a week which isn't ideal but we haven't excahnged yet and at it puts the venodrs and EA's mind at ease having had the valuation done.

totally_confused_3

update from me:

called FD this morning to check on offer acceptance and valuation. got told that they had everything they needed on file but she didn't sound too sure if they had checked the offer docs. also, they only received my valuation report this morning and hadn't checked it. but i received my homebuyer's report yesterday and the valuation was the agreed price i am paying so she said there wouldn't be a problem with the valuation.

she also checked on the progress of the legal pack and told me tat it was printed off last night and was in the process of being checked today and if everything was ok, it would go out tonight!!!! YIPEE!!! :j might just give them a call tomorrow just to confirm it has gone out.

P/S: for those buying, she said that the mortgage doc that needs signing with a witness would be given to our solicitor and we don't need to return it to FD, unlike remortgage. so once legal pack reaches solicitor, it will be the solicitor's job to follow through and get the drawdown done. FD has everything they need for us. just in case anyone didn't know coz i didn't as i am a FTB.

LostSocks

I had a lovely belated birthday present today in the post, a shiny new mortgage offer from FD :j I was really worried that I hadn't actually got the 5.15% rate as well, even though that had reassured me on the phone, until you see it in the agreement, you can't be sure.

Updated timeline here.

totally_confused_3

LostSocks wrote: »

I had a lovely belated birthday present today in the post, a shiny new mortgage offer from FD :j I was really worried that I hadn't actually got the 5.15% rate as well, even though that had reassured me on the phone, until you see it in the agreement, you can't be sure.

Updated timeline here.

Great news LostSocks!!! :T Seems like it is a good day for both of us!!!!

LostSocks

totally_confused wrote: »

Great news LostSocks!!! :T Seems like it is a good day for both of us!!!!

Thanks. I'm just reading your update and if I have worked it out right. Then your legal pack will take around 10 days from the day your offer was sent out from FD (27/2) and so your explanation above on when the legal pack comes out is right. How come the 2 people I spoke to at FD told me different :huh: . Sometimes I wonder if they know what they are talking about. :rolleyes:

dweeby

totally_confused wrote: »

got told that they had everything they needed on file but she didn't sound too sure if they had checked the offer docs. also, they only received my valuation report this morning and hadn't checked it. but i received my homebuyer's report yesterday and the valuation was the agreed price i am paying so she said there wouldn't be a problem with the valuation.

she also checked on the progress of the legal pack and told me tat it was printed off last night and was in the process of being checked today and if everything was ok, it would go out tonight!!!! YIPEE!!! :j might just give them a call tomorrow just to confirm it has gone out.

P/S: for those buying, she said that the mortgage doc that needs signing with a witness would be given to our solicitor and we don't need to return it to FD, unlike remortgage. so once legal pack reaches solicitor, it will be the solicitor's job to follow through and get the drawdown done.

Well done, sounds good. You're at exactly the same stage as we are. Thanks for the info about the mortgage documents not going back to FD. The sooner we can stop relying on FD, the better!

I called FD yesterday, and was told they had everything they needed. The guy checked on our legal pack, he told me it would be sent out in the "next day or 2", SEND IT NOW! I don't trust these customer service people. I guess it'll go when it goes...

Can you beleive that this thread has had 215 posts, and been viewed 6,270 times!!!

totally_confused_3

LostSocks wrote: »

Thanks. I'm just reading your update and if I have worked it out right. Then your legal pack will take around 10 days from the day your offer was sent out from FD (27/2) and so your explanation above on when the legal pack comes out is right. How come the 2 people I spoke to at FD told me different :huh: . Sometimes I wonder if they know what they are talking about. :rolleyes:

LostSocks,
I re-read my posts too and think you are right in saying that it took only 10 days from when offer was sent, i.e legal pack being prepared BEFORE signed offer has been received. But the legal pack would only be sent out AFTER the signed offer letter is received, i.e. 3-4 working days from when signed offer is received. So it is a combination of the info you and I were told. (good that I have you pple here to "add info" to the incomplete info we keep getting from FD)

But I am not sure if this has to do with the fact that they "ordered" my legal pack once my offer letter was sent out last week. I think if your legal pack wasn't "ordered" and they waited until your signed offer was returned to prepare it, then it would take 10 days from the time your offer was returned. Maybe it depends on who is handling your case and if they have are updating all these information asap, coz I think I got the feeling that it was only when I called that they would do the next step. Else I think I might not have gotten to where I am today.

totally_confused_3

dweeby wrote: »

Well done, sounds good. You're at exactly the same stage as we are. Thanks for the info about the mortgage documents not going back to FD. The sooner we can stop relying on FD, the better!

I totally agree!!! I was thinking tat if the deed needed to reach them before drawdown could be approved, it would take another eternity!!! At least I know tat once the legal pack reaches my solicitor, I will only need to sign the deed and return to her and she can request the funds from FD.

Only thing now to worry abt is how fast FD can transfer the funds to my solicitor for completion. That is something I forgot to check, although someone did previously tell me that it can be "immediate" though I highly suspect whatever they are saying now!!!! I will only be glad once the whole process is done and I get my keys in my hand.

mrsm

dweeby wrote: »

Can you beleive that this thread has had 215 posts, and been viewed 6,270 times!!!

Its nice tho, like our own little FD mortgage family. I'm enjoying reading how you're all getting on.
No news here, still waiting for the next stage. But the fact I've had verbal agreement is enough to keep me smiling for now