FD mortgages - how long for approval?

mrsm

no change here, Easter go in the way. Our Legal Doc came Thursday, we've no been able to get it witnessed but it will be sent SD tom.
My £99 fee hasb't been taken yet, I was hoping it would be after 3rd as my credit card bill is a bit scary this month:rotfl: but I guess it will be taken in a couple of days.

We don't want to complete until after 31st as we have ERC until then. i spoke to my existing lender and FD can request the settlement figure now as at 1/4 but it won't include the payment i'll make on 31st which could take a few weeks to get back so i'm not sure which way to go now, try to switch for 1st april but risk having to find 2 mortgage payments out of one salary or wait until the March payment clears but have to pay horrid SVR for a while

mrsm

Does anyone know what happens to any extra borrowing. We requested an additonal 10k to clear a loan and for a new boiler, will it get paid into my 1st Account does anyone know?

allan673

mrsm wrote: »

Does anyone know what happens to any extra borrowing. We requested an additonal 10k to clear a loan and for a new boiler, will it get paid into my 1st Account does anyone know?

im sure any extra borrowing gets paid into the 1st account, thats the way i understood it when i asked. but i didnt end up borrowing any extra in the end.
the sooner the better for completion in my case as im on the s.v.r with my current lender.
if i receive the legal docs tomorrow morning i will probably return them the same day.hopefully it should only take a couple of more weeks maximum?
i think f.d have asked for a redemption figure?, but ive got a mortgage payment going out this friday so i dont know whether this will be taken into account?

mrsm

thanks allan, I'm guessing it wont be too long after they get the legal doc back, they seemed to think i'd be able to transfer as soon as my fixed rate ends and that's less than a week away

I'll ask about the extra borrowing when i next call, at least if it does go into the 1st account I don't have a problem if i have to make 2 mortgage payments in quick succession and it takes a while to get the other back from my old lender.
We're also thinking about taking out the gold credit card and sticking the boiler on there instead so we can hang on o the money and offset for a few months

Andyhhh

Just called FD as I wanted there 2 yr 4.75 fix

They said, that they take your details and then call you back within 10 days.:mad::mad::mad:

Absolutley pathetic !. Back to the search. Oh well

mrsm

Andyhhh they do still seem to be very busy (bu then I think that's to do with the good rates;))
I think all of us on here had a while to wait (although if you ring at 8am you can often get to speak to someone) but its all been pretty straight forward since then.

Obviously if you're in a hurry they're maybe not the best people to go with but personally I can highly recommend them

allan673

hi, i received the legal documents today (its been 41 days since i posted the initial application to them).
i will get it witnessed today and put it in tonights post.theres nothing else to do now, just wait for them to get the redemption figure and complete the mortgage.
so i cant see it being long untill i complete now - the initial 6 to 8 weeks they quoted seems to be a good guide, i cant see it taking any longer.
new timeline

allan673

Andyhhh wrote: »

Just called FD as I wanted there 2 yr 4.75 fix

They said, that they take your details and then call you back within 10 days.:mad::mad::mad:

Absolutley pathetic !. Back to the search. Oh well

bear this in mind - my friend was re-mortgaging at the same time as me.i rang f.d and waited for the callback, he wasnt prepared to wait and started the ball rolling with direct line nearly 2 weeks before me.
but now i am closer to completion than him, and will complete the remortgage before him!

LostSocks

allan673 wrote: »

bear this in mind - my friend was re-mortgaging at the same time as me.i rang f.d and waited for the callback, he wasnt prepared to wait and started the ball rolling with direct line nearly 2 weeks before me.
but now i am closer to completion than him, and will complete the remortgage before him!

That's interesting to know, as I thought First Direct would have taken longer with them being so busy. I worked out mine has taken 47 days from my initial contact through to me signing the legal docs - and I could have signed the legal docs earlier as the solicitors had them a few days before. So not bad going.

My FD timeline

LostSocks

Great news Allan673 on receiving your legal docs. Not long now for you.

My update is that I gave notice on our rental as I had to do it before Monday to ensure I only had 1 months rent to pay and not 2. I was supposed to hear yesterday if we were completing on the 7th and I'm still waiting to hear about it. Hope we hear soon, otherwise my gamble on the rent notice won't pay off :eek:

My FD timeline