FD mortgages - how long for approval?

InMyDreams

allan673 wrote: »

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

YAY!! :j

We are very close Allan. Incidentally I just looked at your timeline and we sent the initial forms back to fd the same day as you. Wish I'd kept a time line here too.:rolleyes:

I sent my legals back on Tuesday. Just rung them again and they are still not showing on the system, but hopefully any day. They have all the corrected stuff back from the valuer too, but that still needs to be 'checked' apparently which should be happening today. Once that's done they need to check the offer documents again apparently and *then* they can send off for the redemption figure. Except I was told last Thursday that they were sending off for it back then. So he said 'oh' and that OK, he would action it now then. Hmmmm. Once they get that back, it should all be able to happen within about a day assuming everything else has been received/checked. So I'm still hopefully for completing next Thursday. Guess it depends how long it takes my current lender to respond.

HelpMeMove

Hi,

Glad to see everyone is coming so far with it. Been a bit quiet as not a lot has been happening. We're looking to exchange tomorrow (friday 28th) but my solicitor is waiting for the go ahead fax from FD following some further information they required from us (gifting statements from mine and my wifes parents as they were helping with the deposit) which my solicitor faxed on 17th March! They are holding us back and the vendors are displeased.

So word of warning, if someone is assisting with the deposit have a statement made up before hand and pass it on to your solicitor.

My timeline here http://forums.moneysavingexpert.com/showpost.html?p=8663255&postcount=22

jem16

My son had been promised on Tuesday that the legal docs would be sent out within 48 hours. He phoned today for them to say it was taking longer as it was a Scottish mortgage and they were unfamiliar with the Scottish legal system! They say it will be next week so not at all happy.

He has to have the funds three weeks today otherwise he will have to have a bridging loan or something. We seem to be banging our head off a brick wall at the moment.

jizadine

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!

Allan673 - I called FD on wednesday and they quoted the 10 day wait for a callback, did they stick to their word or did it take longer...? We are waiting to see if they will offer the maximum they will lend us before we put in an offer on a house we like....

Jizadine

mrsm

jizadine wrote: »

Allan673 - I called FD on wednesday and they quoted the 10 day wait for a callback, did they stick to their word or did it take longer...? We are waiting to see if they will offer the maximum they will lend us before we put in an offer on a house we like....

Jizadine

I think we've all found they kept to their word and called back when they said they would (but sometimes if you ring at 8 am and talk nicely to the person you get they'll put you through)

xSteve_2

I oringally phoned on the 11th of March and am still waiting.
I've chased them 3 times in the meantime,
- the first time was still under 10days, fair enough
- second it was over 10 working days but she couldn't get the mortgage guys so took a number and said she'd pass message on
- third time was last night, whereby I got a 'we're extremely sorry, we are very busy but because you've waited this long I'll book a timeslot in now - how's Tuesday at 20:00 sound?'

Just hoping that they'll ring on Tues

P.S anyone that's approached FD for a mortgage, I'd be very interested to hear your income multiples and LTV's (regardless if you were succesful/declined) on my other thread here:
http://forums.moneysavingexpert.com/showthread.html?t=820935
:beer:

hangover

Just spotted that FD have now put their 2 year fixed rate up to 4.95% (previously 4.75%). The fee is still £1,498.

xSteve_2

hangover wrote: »

Just spotted that FD have now put their 2 year fixed rate up to 4.95% (previously 4.75%). The fee is still £1,498.

Maybe this is so that they can be seen to be passing on the 0.25 BoE cut thats expected in April.. ?:p


As a quick side subject, can anyone tell me what happens in this situation with an FD offset mortgage:
Say you have £100,000 mortgage, £50,000 in savings. So of course, you're only paying on the other £50,000.
Well, what happens to the monthly payments, do you still continue to pay them as though you were paying off the full £100,000 at full interest and the extra is seen as overpayment? Or do they give you the option to 'underpay'?

mrsm

The offset is treated as an interest only mortgage and its up to you how you repay capital.
They calculate the interest daily and I believe each month you'll get a statement. you only need to pay the interest, anything else you pay is considered an overpayment and thus reduces your capital (as your application progresses they ask how much you want to pay each month and when you want to pay. They also advise you of the figure needed per month as repayment mortgage but this is for the original loan and doesn't take into consideration offsetting.) So basically its up to you how much you pay

Financially_Prudent

My fixed rate of 4.34% ends in August 2008, currently with the Britannia and the rates for existing members mean there's going to be a big increase.

Have had a current account with FD for 11 years, I rang the mortgage line this afternoon expecting to leave my details [With the intention that a call back in 5 - 10 working days, which would tie in with any announcement on interest rates at the next MPC meeting].

However after holding for 15 minutes, got through to an adviser, who went through all the details there and then for the 5.25% offset mortgage, agreement in principal is being sent out today, and they just need confirmation of my wife's pay slips and bank statements for last three months.

Not sure if having a current account with them for so long went in my favour and didn't result in only leaving a message and call back?

Still pleased, just need to decide whether to pay the £99 and reserve the rate, I have 4 working days to decide, I think I will be doing, or wait and see what happens with the interest rates decision....