FD mortgages - how long for approval?

fraser

my fd application was returned to them on weds this week, got a text yesterday saying mortgage application is estimated at 8 - 10 weeks for processing

lkalka

fraser wrote: »

my fd application was returned to them on weds this week, got a text yesterday saying mortgage application is estimated at 8 - 10 weeks for processing

Do you have a 1st account already?

I returned mine today, my 1st account is already open. I'm hoping to be quicker than 8-10 weeks! I need to be out of my rented!

mrsm

nathanhill69 wrote: »

Quick Question.....

If re-mortgaging to FD's Fixed rate offset product from a different mortgage lender then I have been told that there are no legal fees for me to pay externally as these are covered by the arrangement fee - all I have to pay in addition to the arrangement fee and booking fee is for the valuation, Is this correct? I live in England.

Thanks

That;s correct. There's no legal fees (unless you want a solicitor to go through the legal document and then it would be down to you to arrange/pay)
The valuation can be an external valuation (if the property can be clearly seen from road and then only costs £99).
So we paid, £299 booking fee (paid by CC when booking but wasn't taken for a long time) £299 arrangement (added to mortgage) and £99 valuation

mrsm

lkalka wrote: »

Do you have a 1st account already?

I returned mine today, my 1st account is already open. I'm hoping to be quicker than 8-10 weeks! I need to be out of my rented!

You both might find the timelines (mainly pg 1 & 2 on this thread) helpful. This is mine

InMyDreams

mrsm wrote: »

You both might find the timelines (mainly pg 1 & 2 on this thread) helpful. This is mine

But do bear in mind that these timelines were started when they were quoting 6-8 weeks, which for most seems to have been about right. So I wouldn't pin your hopes on getting it done much quicker than the 8-10 they are now quoting. They seem to know what they are talking about and are inundated. Unsurprisingly. You have to ask yourself whether the good deal is worth the wait.

As for us, our update is that we still haven't completed Phoned early this morning and was told no, it didn't go yesterday but would be put as a priority for today. But it doesn't seem to have happened.

nathanhill69

mrsm wrote: »

That;s correct. There's no legal fees (unless you want a solicitor to go through the legal document and then it would be down to you to arrange/pay)
The valuation can be an external valuation (if the property can be clearly seen from road and then only costs £99).
So we paid, £299 booking fee (paid by CC when booking but wasn't taken for a long time) £299 arrangement (added to mortgage) and £99 valuation

Many thanks for the clarification

jem16

InMyDreams wrote: »

But do bear in mind that these timelines were started when they were quoting 6-8 weeks, which for most seems to have been about right.

Yes I would agree. My son got his legal documents just short of the 8 weeks and things were slowing up at the end.

He spoke to his solicitor yesterday and he has to go in sometime next week to sign the documents. However she did say that she could request the funds now from FD.

dweeby

dweeby wrote: »

Our mortgage is fully approved, and waiting to be "spent", but our seller has a medical problem and we're in limbo at the moment. We should hear more this week.

I'm pleased to report that in fact our seller seems to be ok now, and has said he's going ahead with the sale. We've transferred our deposit, and the solicitor has requested the mortgage funds from FD (although they were only requested yesterday).

We're hoping to exchange and complete today!

We happened to drive past the place our sellers are moving to yesterday, and they were moving in (ahead of exchange!). Think we should reduce our offer by £5k on the day of exchange? (that was a joke!)

All's well that ends well. Will let you know when it's happened...

Hang in there guys, you'll get there too. I think we've all got super deals, which have now been withdrawn.

allan673

nathanhill69 wrote: »

Quick Question.....

If re-mortgaging to FD's Fixed rate offset product from a different mortgage lender then I have been told that there are no legal fees for me to pay externally as these are covered by the arrangement fee - all I have to pay in addition to the arrangement fee and booking fee is for the valuation, Is this correct? I live in England.

Thanks

your right, no legal fees.
just the booking and arrangement fee.

lkalka

By the looks of it, it looks like it is going to be at least 8 weeks from when they get my Mortgage Application. I'm going to have to try and get an extra month from my LL.