FD mortgages - how long for approval?

LostSocks

Thanks for the link Dweeby, it is certainly something to be aware of. From my very limited understanding of what an 'all monies' mortgage is, I believe it means that any current or future loans/debts you take with HSBC group are actually secured on your house. So if you default on them (and guess this might include the overdraft), then they could possibly start repossession. There is very little information on the web to do with 'all monies' mortgage charges and my solicitor just told us that we should be aware of it.

LionKing

Anyone have a direct number for mortage department. Just called number on wesite and taking details and setting expectation of 10 days before callback!

Also, how strict is First Direct on lending criteria. I require to borrow less than 80%LTV on my primary residence but also have a second home which i am trying to sell at the moment.

Multiple of my salry versus my total mortgage borrowing is going to be tight. Some brokers have recommended C&G as their evaluation process works for my situation although brokers don't get paid on First Direct!

lkalka

LionKing wrote: »

Anyone have a direct number for mortage department. Just called number on wesite and taking details and setting expectation of 10 days before callback!

Also, how strict is First Direct on lending criteria. I require to borrow less than 80%LTV on my primary residence but also have a second home which i am trying to sell at the moment.

Multiple of my salry versus my total mortgage borrowing is going to be tight. Some brokers have recommended C&G as their evaluation process works for my situation although brokers don't get paid on First Direct!

I dont know the number but I know FD are currently not calling back before the end of the 10 days. I'm currently 9 working days into my first phone call and I'm still waiting. I have rung them back twice in the mean time and they won't put me through to anybody.

lkalka

dweeby wrote: »

PS. Everyone taking out an offset mortgage needs to be aware of this, regarding linked savings.

Is this not an advantage e.g. Lets say I have a mortgage for 150k. In the 'linked' account I have 50k. If the bank went bust I would then owe 100k.

If the 50k was only covered to 35k surely I would lose out because I would owe 115k?

LionKing

Anyone tried Derbyshire BS instead. their rate is 4.99 and £999 fee instead of £1495 with FD. Don't think they have a 10day callback period either!

InMyDreams

mrsm wrote: »

BTW those who've had their valuations done by FD, when was the payment taken? Mine was done 11th and nothing has been taken from my card yet.

Tried to look for you, but I've been frozen out of my on-line access because I got the password wrong. Grrr. And it's hubbie's credit card so I'll have to get him to ring and free it up again. :mad:

mrsm wrote: »

Great News Lostsocks. Bet you can't wait now:j
Update from me, following Inmydreams post I spent half the weekend worrying about the valuation (even tho we have a very low LTV) so I've just called. Valuation has come back the same as my figure FD should get the Offer Doc tom. and the Legal pack should be here in about a week.

Sorry, mrsm! I'm glad it's been OK for you though. The more I think about it, the more I'm convinced mine is a typo. My estimate was £275 (which I believe is realistic) which I expected them to either keep or drop down to no less than £250 (if they believe house prices have been static in my area for the last 2.5 years, which they haven't). That or they looked at the wrong house on the wrong street because our street shares it's name with several others close by (*-drive, *-lane, *-avenue etc etc) but I guess that's less likely.

But even if it is a typo, I'm worried about what it might cost me to put it right. I could have a 'proper' survey done, but that would be at my expense, I'm sure. I really wanted to remortgage by beginning of April as every day I'm left on my current lenders SVR, it'll be costing me a tenner in extra interest. It might well just not be worth it.

InMyDreams

LionKing wrote: »

Anyone have a direct number for mortage department. Just called number on wesite and taking details and setting expectation of 10 days before callback!

Try ringing early in the morning or late at night. You might strike lucky.

LionKing wrote: »

Also, how strict is First Direct on lending criteria. I require to borrow less than 80%LTV on my primary residence but also have a second home which i am trying to sell at the moment.

Multiple of my salry versus my total mortgage borrowing is going to be tight. Some brokers have recommended C&G as their evaluation process works for my situation although brokers don't get paid on First Direct!

How tight? Nothing to loose by asking. I thought ours would be too tight (almost 4x) but they took into account that we have no other debts and it was OK. They'll tell you at the outset if it's going to be OK providing you can prove what you tell them of course.

dweeby

lkalka wrote: »

Is this not an advantage e.g. Lets say I have a mortgage for 150k. In the 'linked' account I have 50k. If the bank went bust I would then owe 100k.

Yes, you make a fair point - and I guess for most of us it is an advantage.

However, many people (not me!) use the offset facility because they have funds they might need, but want to use to offset the mortgage interest - these people may need access to that cash for some reason. However, whilst they wouldn't loose the offset money if the bank went bust, they would loose access to their money.

allan673

f.a.o lionking - mortgage support - 08456 100 198

just rang for an update, the legal paperwork was printed this morning and it needs checking then its sent to me, so i should get it this week, also they are going to request a redemption figure from my current lender.

it shouldnt be too long now before its completed, i was hoping it would be done before 28th march as i have a mortgage payment being debited then with my current lender!!!
so the redemption figure wont include this payment and i will have to get it back???
unless they complete it before this date???

hangover

My remortgage to First Direct (4.99% 5-year fix) was completed today, yay!

It took around 8 weeks from initial contact, I think, but was complicated slightly by the fact that I was doing a transfer of equity at the same time so I had to engage my own solicitor (used one I found via the internet who were much cheaper than my local solicitor and service was great) and pay for a proper valuation (i.e. £200 rather than £99).

Had a slight hiccup today because FD had not transferred the correct amount to the solicitor but they sorted it out quickly with a same day transfer and it's all been confirmed now.