FD mortgages - how long for approval?

mrsm

jem16 wrote: »

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.

I did mean to mention we were quoted 6-8 weeks so FD seem pretty accurate on the timescales they quote but it was late and my daughter was 3 yesterday. It had been a long long day:rotfl:

mrsm

dweeby wrote: »

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 I think we've all got super deals, which have now been withdrawn.

at last Dweeby :T. Good luck

I think you're right, we have all got fab deals. For me its certainly been worth it. And its all been pretty painless too. I'm just an impatient !!!!!! and when i want something i want it now;). We were tied until 31/3 anyway so we're not going to be too far off the timescle we hoped for. The legal doc's still not been checked but I'm told they'll chase again and my OH faxed the redemption statement and FD have confirmed they have it.

allan673

update - unbelievable !!!
just rang f.d for an update, they have received the legal docs - but they are being returned to me today !!!
basically our lasses first name was spelt wrong on the legal doc (there typing error), so she corrected it and initialed it. they have just told me that i also have to initial it, then return it to them !!!!!!!!!!!!!!!!
im a bit annoyed to say the least, this is bound to add a weeks delay if not more.
i really hope its all completed in the next couple of weeks??????????

just when i thought everything was going smoothly !
timeline

lkalka

An update from me.

I have just had a text from First Direct they expext my application to take 10-12 weeks!

I'm going to ring them to give them a push, it took them 2 weeks to send the forms out because of an error on their side.

dweeby

dweeby wrote: »

We're hoping to exchange and complete today!

Can you imagine my delight when the estate agent called and said "the sale has completed, and we have the keys here waiting for you"? (You can't!)

Buying a house is a stressfull process, I don't think we'll be repeating it for a while. I'm collecting the keys on my way home from work, and we're moving in next week.

And, it's our 10th wedding anniversary today, what a present!

Please ignore anything I might post this evening, because I'll [strike]probably[/strike] be highly anebriated... hic! :beer:

LostSocks

Congratulations Dweeby, I'm so glad it has all ended well for you and you have the keys. Wow, it's been a roller coaster just reading what's happened to you. Enjoy your new home.

pamela21 & drinkduffbeer - congratulations too on your new mortgages

jem16 - Glad it all seems to be going well for your Son now after the few glitches.

mrsm - The gamble has so far paid off, but we still have 3 days till we complete and anything could happen. Hope your legal docs are checked soon, fingers crossed for you.

allan673 - I'm annoyed for you. I hope it doesn't delay it for you too long and they come back to you asap.

We've arranged the rest of our deposit to wing it's way to our solicitor today and we should all be set for completion on Monday. I will let you know how it goes.

dweeby

LostSocks wrote: »

We've arranged the rest of our deposit to wing it's way to our solicitor today and we should all be set for completion on Monday. I will let you know how it goes.

I just re-read your time-line, these things are becoming like novels! Can you believe the number of posts in this thread? it's become a little self-help group.

Like us, you're living in a rented place and buying. It'll be nice to be in your own home, renting just isn't the same. By the sounds of it, you'll be fine. Probably a few last minute nerves, and stuff - but I think you've made it. Can you imagine going through all this, and selling a house at the same time? nightmare!

LostSocks

Your right Dweeby, renting just isn't the same. I can't wait to be able to put up a few pictures and settle down into our new family home.

It's been really good to come on here and see where everyone else is with their apps and have a moan etc. My hubby found it quite amusing that I would be saying, so and so has their approval so hopefully ours will be coming through soon.

Another quick update from me again. Solicitor has just phoned to confirm he has received our deposit money. Also, usually the mortgage amount is sent the working day before completion and as we are completing on a Monday, it means they have received the mortgage amount from First Direct today and I owe interest from today. So I guess that means I have mortgage now! I can't see it on my FD banking, so not sure how long it takes to show up. Fingers crossed my completion doesn't get delayed now. My timeline is here

InMyDreams

Got a phone call this afternoon to say it's all gone through. Can't see it on my on-line banking yet though.

One odd thing though... they phoned this morning to query the redemption figure because it was £700 more than what I said I wanted. I was surprised that this was a problem because when I initially spoke to them, they said to just put down an estimate of the capital as the figure I wanted. I pointed out then that this would not include any interest due since the last payment, but they dismissed this saying, oh, £1000 either way won't make any difference, they just wanted to know *roughly* what the capital was. My capital was actually £100 less than the round figure I quoted (and the redemption fee was £95) so I thought that was pretty good to estimate it to within a tenner! But today they said that if I wanted absolutely any more than what I originally put, they would have to send out another offer document and was it OK if they took the difference out of my current account :eek: in order to be able to proceed today with what they already had.

So basically, exactly what mrsm was afraid of, and I was convinced wouldn't happen, has happened to me. My regular payment went out on the 1st to the Abbey. The redemption figure didn't take this into account, but FD also want the difference. I know I'll get the Abbey payment back eventually, but in effect this month we've now had to pay 2 full mortgage payments! Luckily my old current account was HSBC and I had temporarily moved money over from savings to cushion in case anything went wrong with the current account switch, so I was able to immediately feed enough into my FD current account this morning for the mortgage completion to go through today. Otherwise not sure what we would have done!Edit

So, my tip for anyone in the early stages of applying for a remortgage (as opposed to a purchase), is ask for at least your mortgage balance, plus a month and a bit of interest, plus all your redemption fees. AT LEAST.

Edit: and ditto everything lost socks said. It's really good to read things working out for everyone. It's been a bit of a rollercoaster, hasn't it? Well worth it for the fab rates though. I can't believe my rate is actually *less* than the fix I've just come off.

allan673

IN MY DREAMS - congratulations, i think your mortgage will appear online tomorrow, or the next working day, thats what i was told.

DWEEBY - congratulations and happy anniversary !!!!!!!!!!! have a drink (or 3) for me

LOSTSOCKS - hope it all goes to plan - keep us posted.

well i guess we will all be re mortgaged soon, and this little club will end - its been a blast lol, really helpfull though, and appreciate the info from you all.
as you all know i opted for the 10 year fix at 5.15%, looks like a good decision really now.the 3 year fix thats just ended was at 4.98%, hardly any difference in the payments - im using repayment style.

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