FD mortgages - how long for approval?

LostSocks

Brilliant news dweeby, hopefully it is the end of the line for you and it will all be sorted soon.

No news here, my signed agreement hasn't reached FD yet, said to try on Monday as it should be logged on system by then.

HelpMeMove

Glad to hear it dweeby. It's our first mortgage so we can't compare what the expereince is like with other mortgage providers but I don't think its been that bad. Great cusomter service (as a side note did anyone see that documentary last night about call centres - they followed FD - I wonder how many of us the were talking to while filming ;o)

I received my amended offer doc yesterday and have signed and sent it back today. Waiting to hear how the valuation (on tuesday) went.

Legal pack waas sent out so should be there any day now.

mrsm

Congratulations Dweeby, I'm really pleased for you. And thanks for keeping us updated. I hope everything goes smoothly with the last stages of your move and also that you keep us updated

allan673

my mortgage offer arrived this morning (3 copies), im going to sign it and put it in the post in the morning. ive gone for the 10 year fix at 5.15%.

i opted for the repayment style but the offer says interest only, i rang about it and its a standard thing, got to set up a standing order to cover the capital when its nearly completed.

QUESTION - the interest part is £250 per month, does this never change for 10 years? what happens in say a years time when ive been paying capital and interest? the balance will be lower but will the interest part still be £250 per month - im struggling to get my head around it.

or if i pay off say £1000 lump sum? will the interest part still be £250 per month?

cheers

Jimboceh

Allan

I have just applied for the 10 year fix at 5.15% too and as I understand it (and I could be wrong!) - as the interest is calculated daily (depending on how much you have in your CA and SA which are offsetted against your mortgage) and applied monthly - the interest part of your agreed repayment style amount (ie your original £250) will change monthly (preumably reduce)depending on how fast you empty your CA or contribute to your savings Account each month.

So the repayment style figure whatever it is will stay the same but the percentage of capital payment (of that figure) will increase which follows then that the interest part will decrease - thereby paying off the capital faster month on month.

Very difficult to explain but I hope you get it!

mrsm

:j:T:j Formal Offer received today. Have updated my Timeline

allan673

question about re-payments
hoping someone can help, are any of you opting to use the repayment style option of paying the mortgage? i.e paying off both capital and interest.

if so have they told you how you make the payments, do they take 2 seperate amounts per month (1 for interest and 1 for capital)

or do they just take 1 fixed amount that never changes, to pay both capital and interest?

allan673

Jimboceh wrote: »

Allan

I have just applied for the 10 year fix at 5.15% too and as I understand it (and I could be wrong!) - as the interest is calculated daily (depending on how much you have in your CA and SA which are offsetted against your mortgage) and applied monthly - the interest part of your agreed repayment style amount (ie your original £250) will change monthly (preumably reduce)depending on how fast you empty your CA or contribute to your savings Account each month.

So the repayment style figure whatever it is will stay the same but the percentage of capital payment (of that figure) will increase which follows then that the interest part will decrease - thereby paying off the capital faster month on month.

Very difficult to explain but I hope you get it!

i understand it, but am confused because ive rang first direct twice about this, the 1st time i was told they will take 2 seperate payments per month (1 for capital and 1 for interest)

and the 2nd time i rang i was told they will take 1 payment per month that is fixed, to pay off capital and interest (surely this way is better because if they took 2 seperate payments the interest payment would go down each month - therefore not pay the mortgage as quick?)

can anybody clear this up as its doing my head in - waiting for f.d to ring me to sort it out:mad:

mrsm

I'm pretty certain its just the one payment. (I've had a few calls for missing info because they sent me 2 application forms, the 1st was complete but only just scanned the secon was pre printed from my 1st but some info was missed off from the original and i was told just to sign) anyway sorry waffling:rotfl:. They rang me to ask how I wanted to pay (interest only or repayment) and when I said repayment they asked how much I wanted to pay and on what day. My interest only is about £320 the repayment figure they gave was about £515 and I've opted to pay £600

hth

jem16

My son's not so happy with FD today. He was told last Tuesday that his formal offer was to be posted out that day and he should have it in 2/3 days. We had to fly down south on Thursday evening for a funeral so were expecting to find it when we got back today. Nothing there from FD.

He phoned them and was told it had been stuck in a queue. Somebody hadn't done whatever they should have done and it had not been progressed. He's been told that it would be put at the top of this queue now and be sent out on Monday. Most annoyed with them!

He will phone on Monday and make sure they have sent it this time.