FD mortgages - how long for approval?

mrsm

My payslips etc were returned by SD too

Dweeby its slightly different for a re mortgage, the legal pack comes straight to us and just needs witnessing (they told me the form says a solicitor or bank person but it can actually be witnessed by anyone so long as they're over 18 and not a family member)
Sounds like it could be your legal pack Allan:T

I received my correct offer Document today :T but Hubby usually posts from work SD and he's not in tom:mad: so mine wont go until Monday

Gambler

I received application form tonight. After an hour on the phone the other night answering every question bar my waist size I was surprised that only a handful of details were pre-printed and I have to fill most of the form in myself.

LostSocks

Great news Mrsm. Glad your amended offer has now come through.

mrsm

was it the legal stuff allan?

jem16

Update from my son.

After ringing just about every day and being told different things each day such as "You'll have it by the end of the week", "You should never have been told that" etc, he finally received his mortgage offer today.

He has a few questions which he will ring FD about but if anyone knows can they post here please?

1. He has opted for repayment style. As has been mentioned here the offer document only gives the interest payment. How and when does he organise the amount for the repayment style?

2. Presumably he deposits this amount into his 1st Account?

3. If he does want to make an extra payment (such as when he gets his yearly bonus) where does it get paid to?

4. He gets paid on the 15th of the month but it won't be to his FD account. He will set up a standing order to pay that amount into his FD account - that will probably mean it gets to his FD account around the 18th/20th of each month. Is there an optimal time for the mortgage to be taken from his FD account so that he gets some benefit of the offsetting?

5. Legal pack still has to reach the solicitor. How long after receiving offer does it take for the legal pack to arrive?

6. Has anyone got to the stage of getting the funds through yet? How long does that take? He has to have the funds to his solicitor by 11th April as his entry date is 18th April.

Timeline updated.

allan673

mrsm wrote: »

was it the legal stuff allan?

no it wasnt the legal stuff mrsm :mad:

i rang yesterday (friday for an update), theyve received my signed offer document,the valuation is ok, and they said that they are preparing the legal pack and i should receive it next week, also they said they are going to ask for a redemption figure too.
she also said that it could be completed hopefully by the end of the month.ive got a mortgage payment due to go out of my account on the 28th of march (current lender), so i dont know how this will affect the redemption figure if they ask for it before this payment goes out ???? i will keep this updated as soon as i get some more news.

could or should i cancel the direct debit with my current lender?

cheers............

allan673

jem16 wrote: »

Update from my son.

After ringing just about every day and being told different things each day such as "You'll have it by the end of the week", "You should never have been told that" etc, he finally received his mortgage offer today.

He has a few questions which he will ring FD about but if anyone knows can they post here please?

1. He has opted for repayment style. As has been mentioned here the offer document only gives the interest payment. How and when does he organise the amount for the repayment style?

2. Presumably he deposits this amount into his 1st Account?

3. If he does want to make an extra payment (such as when he gets his yearly bonus) where does it get paid to?

4. He gets paid on the 15th of the month but it won't be to his FD account. He will set up a standing order to pay that amount into his FD account - that will probably mean it gets to his FD account around the 18th/20th of each month. Is there an optimal time for the mortgage to be taken from his FD account so that he gets some benefit of the offsetting?

5. Legal pack still has to reach the solicitor. How long after receiving offer does it take for the legal pack to arrive?

6. Has anyone got to the stage of getting the funds through yet? How long does that take? He has to have the funds to his solicitor by 11th April as his entry date is 18th April.

Timeline updated.

he is doing exactly the same thing as me, im keeping all my banking with hsbc (part of first direct), and im paying in a set amount each month via standing order into the first account.
i too am opting for the repayment style - they will contact me near completion to verify the monthly amount. then they will take one fixed amount per month from the first account - (and this is credited to the mortgage account).
as for overpayment - bonuses - spare cash etc, you can phone them and ask for it to be paid off the mortgage, or what im going to do is do it with first directs internet banking.
at the moment ive got a first account and savings account set up with first direct internet banking, but when the mortgage is set up - the mortgage account will appear here too.
so basically im going to make a one time payment from hsbc into the first account. then transfer it from the first account into the mortgage account.
as for benefitting from the offset facility - im going to set up a standing order for the mortgage from my hsbc account to my first account on the 1st of every month, then first direct will take the mortgage amount on the 28th of each month.so basically the cash is in the account for nearly a whole month.
hope i explained it ok, and am not babbling on lol

jem16

allan673 wrote: »

so basically im going to make a one time payment from hsbc into the first account. then transfer it from the first account into the mortgage account.
hope i explained it ok, and am not babbling on lol

No you're not babbling on. Thanks for your post.

I didn't realise a mortgage account would also be set up so that makes sense to transfer any extra lump sum payment into it.

allan673

jem16 wrote: »

No you're not babbling on. Thanks for your post.

I didn't realise a mortgage account would also be set up so that makes sense to transfer any extra lump sum payment into it.

CHEERS, AS FOR THE LEGAL DOCS ARRIVING?
I POSTED MY OFFER ON 10TH MARCH TO F.D, THEY SAID THE LEGAL PACK SHOULD BE WITH ME NEXT WEEK.
IM RE-MORTGAGING, I THINK ITS SLIGHTLY DIFFERENT FOR A HOUSE PURCHASE, IM SURE THE LEGAL PACK GOES TO THE SOLICITOR READING PREVIOUS POSTS?
HOPE IT ALL GOES WELL FOR YOUR SON !

jem16

allan673 wrote: »

HOPE IT ALL GOES WELL FOR YOUR SON !

Thanks.

I'm sure you are right in that the legal documents are sent to the solicitor.

It's slightly different in Scotland with regards the house buying procedure though. He has entry date of 18th April with the funds having to be with his solictor by 11th April.

We'd just like to get this all sorted out so we can relax.