FD mortgages - how long for approval?

HelpMeMove

Have updated mine too and will remain to do so....

Just had a call from them, they need more proof of identification as I moved into our current address only recently. Except I don't have any as everything is still sent to my previous address (my parents address) as we knew we would be moving.

Have called my bank to change address and send out a statement which will take 6 to 8 days. And then I have to send this back to FD. It's not their fault, just one thing we could have done without.

LostSocks

HelpMeMove wrote: »

Have updated mine too and will remain to do so....

Just had a call from them, they need more proof of identification as I moved into our current address only recently. Except I don't have any as everything is still sent to my previous address (my parents address) as we knew we would be moving.

Have called my bank to change address and send out a statement which will take 6 to 8 days. And then I have to send this back to FD. It's not their fault, just one thing we could have done without.

That must be frustrating for you though, having to wait all that time for your bank statement. Have you not got a council tax bill or utility bill you could use?

I've updated mine today. Not much to add really. I asked how long it will take and I have been told 6-8 weeks. I can't believe it takes this long, as my other mortgage offer took only 6 weeks and there was Christmas and new year included in this.

dweeby

LostSocks wrote: »

I asked how long it will take and I have been told 6-8 weeks. I can't believe it takes this long, as my other mortgage offer took only 6 weeks and there was Christmas and new year included in this.

Welcome to my world!

We're buying, and can't progress until the mortgage application is processed.

Latest?

Wednesday - need a letter faxing over, then that's it - last thing they need.
Thursday - faxed over (but wife can't use the fax - so it didn't go!)
Friday - I faxed it over late morning.
Friday/Saturday/Sunday - nothing (and they do work at weekends)
Monday - "yes we have your fax, but case not re-considered yet".
Tuesday (today) - we wait...

So, this query has likely delayed us a week. They've had all our stuff over 2 weeks now, and its a relatively simple application. Is the credit crunch affecting our applications??

iwassomeoneelse

LostSocks wrote: »

I've updated mine today. Not much to add really. I asked how long it will take and I have been told 6-8 weeks. I can't believe it takes this long, as my other mortgage offer took only 6 weeks and there was Christmas and new year included in this.

When we re-mortgaged to the Lambeth a couple of years ago it took about 10 weeks... we ended up on SVR for a few of those. So I still think 6-8 isn't so bad...

Lambeth were good for us though, despite being slow. They merged with Portman and then Nationwide (hence two bonus payments) and as Nationwide's SVR was half a percent lower than Lambeth's, our discount transfered over to a very nice rate. Pity it ends in May!

HelpMeMove

LostSocks wrote: »

That must be frustrating for you though, having to wait all that time for your bank statement. Have you not got a council tax bill or utility bill you could use?

I've updated mine today. Not much to add really. I asked how long it will take and I have been told 6-8 weeks. I can't believe it takes this long, as my other mortgage offer took only 6 weeks and there was Christmas and new year included in this.

Nope, my wife lived there before and I moved in with her after we got married so everything was on her name. didn't bother changing my address as we'd only be moving out again.

I called them yesterday evening and went through a few details with them which turned out to be wrong (e.g. spelling mistakes with the address) and when they corrected everything it went through so they are no back on track for processing. So the bank account will be open in the next 24-48 hours and the mortage application will begin end of this week.

To speed things up they gave us the option of starting the valuation even though the application hasn't all gone through. Problem is this is non refundable should the application not go through, can't see no reason why it won't but we're talking about a lot of money so may not chance it.

They also gave us 6-8 weeks.

totally_confused_3

Gave a call to FD seeing that they have been in touch with most pple either asking for documents or giving updates. They have said tat my bank account has now been set up and I should receive my welcome pack in the next couple of days. *fingers crossed* But I am registered on their system as a customer already so hopefully it will make it easier to track the mortgage process.

So my updated timeline:

12/2 - Forms sent back to FD
14/2 (2 days) - Forms received by FD and processing
14/2 (2 days) - Bank statements received back from FD
19/2 (7 days) - Bank account set up

dweeby

Breakthrough, at last!:p

Check out my updated time line here. It seems like I'm the furthest through the process, wish someone was ahead of me - and could tell me what's next. For what its worth, we've been calling them at least once/day recently for updates.

mrsm

14/2 Call back from FD. Mortgage offered in principle
16/2 Forms received
19/2 Paper work returned via Special Delivery
23/2 Call from 1st Account to check additional income (child benefit & tax credits)
24/2 Call from 1st Account to say current account approved with £500 OverDraft facility?
26/2 amended Application Received detailing loan & additional income
27/2 1st Account activated and security set up
28/2 Transfer date for bank account received. amended application form returned (FD said it was just needed for their records)
1/3 Bank statements,P60etc returned by FD (recorded delivery)
1/3 Rang FD for update. Re mortgage has been approved and we will receive paperwork by the end of next week
6/3 Booking Fee finally taken from Credit Card
8/3 Formal Offer received from FD
9/3 Called FD as Offer Document has incorrect fixed rate and term. They are reproducing but I probably won't get it until towards the end of next week.
13/3 Correct Offer Document Received
17/3 Offer Doc returned by SD. Called FD for update. Valuation received and looks ok (210K same as my figure) but they just need to check nothing untoward on it. Told the legal pack should be here in about a week.
20/3 Legal Document received today
25/3 Legal Document returned
27/3 FD chased redemption statement
1/4 legal doc on file but needs checking. Still waiting redemption statement
4/4 FD have the redemption statement I've faxed over and they are chasing the legal doc as its still not checked
5/4 Legal Doc has now been checked. We're green to go. Just waiting for them to transfer the funds to our old lender
7/4 Being impatient I rang for an update. Seems we're in the queue for the funds to be transferred but they couldn't tell me when it would be other than asap
8/4 Still waiting for that magic text
11/4 Still no text but............................drum roll please...............It doesn't matter. Our mortgage was opened today and we now have a shiny new 10 yr fix at a fab rate :j:j:j:j. And the icing on the cake, hubby has suggested a takeaway tom.night to celebrate (takeaways are a very rare occurance in the M house:T)
12/4 I guess my final update. Logged on to internet banking this morning and alongside my 1st & savings accounts are my mortgage account and extra borrowings account. It'll be nice to be able to keep tabs on it so closely

totally_confused_3

tat's great news for you, dweeby!!! hope to hear something positive back from FD soon too!!!

mrsm

dweeby wrote: »

Breakthrough, at last!:p

Check out my updated time line here. It seems like I'm the furthest through the process, wish someone was ahead of me - and could tell me what's next. For what its worth, we've been calling them at least once/day recently for updates.

great news:T