FD mortgages - how long for approval?

allan673

mrsm wrote: »

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

cheers, whats the latest with you? have you had the offer yet?
just wondering why they havent rang me yet about the payments. i received the offer yesterday.

mrsm

yes my offer came today. I think they only called me because on the 2nd application form they sent me I didn't complete the payment info again (I did on the first)

Did you take a copy of your application form? At the top of pg 4 it asks how you want to repay a) interest & full capital repayments b) interest and part capital or c) interest only
Then it says i you wish to pay using a or b please indicate what you wish your total monthly payment to be and what date in the month you wish to pay.

allan673

mrsm wrote: »

yes my offer came today. I think they only called me because on the 2nd application form they sent me I didn't complete the payment info again (I did on the first)

Did you take a copy of your application form? At the top of pg 4 it asks how you want to repay a) interest & full capital repayments b) interest and part capital or c) interest only
Then it says i you wish to pay using a or b please indicate what you wish your total monthly payment to be and what date in the month you wish to pay.

cheers, yes i filled that part in at the top of the application form.opting for interest and full capital, put in a chosen amount to pay,and i chose a payment date.
it should only be one monthly payment, im just worrying i guess.

(im thinking that if 2 seperate payments are going out you wont pay the mortgage off as quick because the interest payment will reduce slightly every month, because of the capital payments im making - do you know what i mean or am i babbling lol )
surely its got to be just one fixed monthly payment they take

mrsm

I think I know what you mean. I'm almost certain its only 1 payment. When I asked about when my 1st payment to them would be (was worried I'd pay my existing lender then FD would settle then I'd have to pay FD) she said there's no way that would happen because they have to allow 21 days to produce an interest statement (?) so I'd say they calculate the daily interest depending on what's in each account daily, produce the statement that shows the months interest, then your next payment would be that interest and the remainder allocated against capital.


As an aside I've been reading the booklet that came with the offer and can answer one of my earlier questions about what day to have the DD's go out. The booklet says if you can change all your DD's so the money stays in the 1st account as long as possible you maximise the benefits of the offset. My husband gets paid the last working day of the month and I request 1st as a payment date but I think I'm going to see if I can change to say 26th month

mrsm

:mad: Just reading through mine and its wrong. They've got it as 4.99 for 60 months, we took out the 5.15% for 120 months. Have called them and they're re doing it but it probably won't be until at least thursday before I get it:mad:

allan673

first direct rang me just now.
they have confirmed that its just one payment taken per month, as i opted for full repayment style.

feel happier now theyve confirmed it for me.
im sending the signed application form back tomorrow, so they will receive it on tuesday.

mrsm

allan673 wrote: »

first direct rang me just now.
they have confirmed that its just one payment taken per month, as i opted for full repayment style.

feel happier now theyve confirmed it for me.
im sending the signed application form back tomorrow, so they will receive it on tuesday.

Good news
Just make sure its correct. I'm still seething about mine

LostSocks

mrsm - That's really annoying. I'm annoyed for you. I guess you have to wait for a new agreement to be sent to you, giving you a slight delay. That's pants.

Thanks for all the info on the payments. I never thought about taking it out at the end of the month. I've checked my app and I have put the repayment amount and the 10th. We are wanting to pay a bit more than the repayment amount each month and now want to change it to be the end of the month. I hope they will allow me to do that, as the mortgage hasn't started yet.

I phoned yesterday, my signed agreement is with them. So all that worry of burning post boxes was for no reason :rotfl:. Apparently my legal pack was sent out on the 6th and my solicitor should have it or receive it Monday. For some reason I don't believe this, but have emailed my solicitor to find out and keep him updated on the mortgage side of things.

On a side note, my current account is supposed to be transferring on the 17th, but none of my DD's have been transferred and a SO hasn't been set up correctly either. I'm slightly worried about this, as the SO is my rent. I'll have to phone FD again tomorrow to check on the transfer as well.

mrsm

I'm glad there were no post box mishaps lostsocks. I hope today brings good news.

neiljc_2

excuse the stupid question

we have applied for a remortgage with FD and we have not even considered what happens in regards to legal fees. I seem to remember them saying they were covered, is this true?

we have always remortgaged with our existing supplier before and this has never come up before.

will we have to do anything if it is a remortgage?