FD mortgages - how long for approval?

allan673

redemption figure - question please
just rang f.d for an update, they now have a redemption figure from my current lender, however it was dated 27th march and therefore doesnt include the mortgage payment i made on the 28th march !!!!!
therefore will i have to get onto my lender to return the amount i paid, or will they automatically refund it to me.
looks like i should complete this week now !!!

InMyDreams

allan673 wrote: »

redemption figure - question please
just rang f.d for an update, they now have a redemption figure from my current lender, however it was dated 27th march and therefore doesnt include the mortgage payment i made on the 28th march !!!!!
therefore will i have to get onto my lender to return the amount i paid, or will they automatically refund it to me.
looks like i should complete this week now !!!

With my lender it's automatic, but then I phoned them up to ask. No doubt I'll chase them up if it hasn't turned up in the two weeks they've quoted me. They can't refund it until they are sure it's all cleared. Looking at mrsm's posts, she's been quoted 'a few weeks' by her lender. I think you are the only one who can answer your question really. As far as I can tell you will, once the money is back in your bank, have in effect had a payment holiday this month; FD picking up the tab for this months payment and then tacking it onto your new mortgage. :beer:

hangover

btw, I would strongly advise anyone remortgaging to make sure that the direct debit with their old lender has been cancelled

I assumed this would happen automatically but when I checked (having been advised to do so in a letter from FD) I found that my old lender (Nationwide) had not cancelled it. And even after I cancelled the direct debit myself (through FD, who I also bank with) FD failed to process it in time and the money was still taken (they sorted it out and returned the money within hours, but only because I spotted it). And I've since had a letter from Nationwide querying why I cancelled the direct debit and requesting that I fill in a new direct debit mandate even though I no longer have a mortgage with them (which they confirmed when I phoned them).

lkalka

I'm having a few problems with FD and my apllication.

I'm purchasing a house and spoke to them about 2 weeks ago (after waiting for my 10 day callback).

I got an AIP and told the forms would be sent out to me.

I received the 1st Account forms but no Mortgage Application Form. I didn't think anything about it because they said the 1st Account would be opened before the mortgage application was done.

I received my 1st account pack today and rang to activate the account.

At the same time I asked about the Mortgage Application, they said I must have received it. I said I hadn't. The woman said I can get you a call back in a weeks time.

I thought s0d that I'll ring the mortgage department myself. So I rang the mortgage department, I said I hadn't received the Mortgage Application and he insisted I must have. He said I will investigate and get back to you. About 5 minutes later he rang me up and apologised that the MA hadn't been sent out and said he would send me one out.

I mentioned that in my original call the person told me to send in 3*pay slips, 3* bank statements and the last p60 (all for both my wife and I). When I sent in the forms in for the 1st account I sent all of the above with a covering letter saying I had sent the details in for my mortgage application. Everything was returned to me.
In my phone call just now I asked if there was a record of me sending all this information in, the answer was NO could you send it in again!

Not good so far!

LostSocks

Ikalka - Sorry to hear of the problems you are having with First Direct and hope your mortgage app gets back on track soon.

Dweeby - sorry to hear your purchase has still not gone ahead yet.

Totally_confused - You are in a similar position to what we were in. We had a previous mortgage offer and exchanged with that one and hoped the FD mortgage would be sorted in time. It was really stressful, but thankfully it has worked out in the end. Hope it does for you too.

My update is that we are set to complete on the 7th. Had confirmation on Friday, so a week today.

mrsm

sorry to hear you've had a problem lkalka, hope its all plain sailing all the way

Inmydreams, we requested a payment date of 26th (just before payday to keep the money as long as poss) I was worried we might have to make the first payment 26th this month (having already paid B.o.S) at the end of last month but i don't think its going to happen.

B.o.S. are dragging their heals anyway, redemption figure was requested 19/3 and 26/3 and nothing yet. Have just tried to chase them but their systems are down:mad:

Totally_confused hope things work out ok for you
Dweeby - hope you get some good news soon
Allan not long now:T
LostSocks the punt on the rental notice payed off then:T Hope you come back to tell us you've settled in ok

and us?
As mentioned above just waiting on the redemption figure and the legal stuff needs to be checked (but i rang today and he's going to chase it)

I also asked what happens about the extra borrowing, I wondered if it got paid into the 1st account. Was told it stays in the mortgage account (which can be viewed online like the 1st account & savings) until we need it then we just transfer to the appropriate account. He said it means we don't pay interest on it until we use it iyswim.

Gambler

Sent off my application on 19th March via recorded delivery and it was signed for on 20th March.

Mrs G. has just phoned up to set up her security details so asked about the mortgage while she was on as we haven't heard anything.

Apparently they haven't received the bank statements (they were sent!) and have been trying to contact us (not missed any calls).


:mad:

Gambler

Have constructed my timeline in post 66. Not sure how to post a link to it?

jem16

Gambler wrote: »

Have constructed my timeline in post 66. Not sure how to post a link to it?

See my post for instructions.

Gambler

Gambler wrote: »

Sent off my application on 19th March via recorded delivery and it was signed for on 20th March.

Mrs G. has just phoned up to set up her security details so asked about the mortgage while she was on as we haven't heard anything.

Apparently they haven't received the bank statements (they were sent!) and have been trying to contact us (not missed any calls).


:mad:

They called back to say they have found them, couldn't apologise enough and will now try to push through the valuation as a priority :T