FD mortgages - how long for approval?

whu

allan673 wrote: »

arrangement fee is taken at the very last stage - completion !
valuation fee was taken around 2 weeks after the valuation !
booking fee was taken around 3 weeks from the return of my application !

my booking fee was obviously taken earlier - just to clarify one point with reference to the closure fee referred to in my earlier post - this is only payable when you close the mortgage accn with FD and is therefore not payable now - sorry for any confusion.

allan673

mrsm wrote: »

I called them. do you have the fax no? and make sure you put your ID no on it. my Husband faxed and I called about an hour later. they checked they had it then said they'd pass directly to the priority post team for checking. It still took a week .
Hope yours is quicker.

My last update, checked online today and my arrangement fee has now been added to my mortgage. All i need to do now is start paying it off:rotfl:

mrsm - who checks the legal docs??? they have mine on file too but need checking and f.d.are chasing it up.
yes i had the fax number and i put my reference number on it too, ive just rang them and they have confirmed they now have it.
they said it had been passed onto checking.
i did point out to them that it is only valid for 7 days, like you said they have made it a priority - but im not holding my breath !!!!!
i know they are busy but i was told 6 to 8 weeks when i applied, and its been 8 weeks so far :mad:
i guess i better just leave it with them now and wait for the mortgage account to be opened, im just worried they wont complete this week, and therefore i will have to get another redemption statement - which will delay things again (which are costing me £12 each now)

my redemption statements from my current lender are only valid for 7 days - not everyones will be like mine

mrsm

Allan the legal team are elsewhere, I can't remember where but it was an HSBC addy on the envelope. Mortgage support chased them up for me.
The priority post team need to check the redemption statement and calculate any daily interest. I don't think they do that until everything else is ok. TBH I think I might keep chasing until the legal docs are sorted, then remind them it needs to be completed by day x.
I'm sure it will be done this week Allan, the HSBC lot will want all their stuff clear before the new HSBC mortgages come rolling in;)

allan673

thanks mrsm

well i just ranf f.d, they have confirmed that the legal docs have been checked and are fine now.
also they received my latest redemption statement yesterday and it has been faxed to the relevant department for checking.
i did stress that it was only valid for 7 days and really needed to be completed this week, he was understanding but i didnt get an assurance it would be dealt with this week, he just said it should be.
i guess it depends how busy they are etc etc ! im just keeping my fingers crossed now but i will ring them tomorrow and friday for updates.
if it isnt completed this week i will have to mess about getting another redemption statement which means another delay.

jem16

Just a little update from my son.

FD texted him today to say that his mortgage account was now open. He's due to get his keys on the 18th so the solicitor must have asked for the funds for today.

No sign of the account on his online banking but I assume it will show up tomorrow.

Updated timeline.

jem16

Just when you think things are going along nicely

My son had another text from FD to say that they had taken his arrangement fee. However it appears that they have not taken it from his credit card as they were meant to - that's the authorisation they were given on the original application form - but from his 1st Account. Only problem with that is there is nothing in it so it would make him overdrawn! His first payment for his mortgage has left his HBOS account on the 16th but won't be there yet.

I've told him to phone up and complain and either get it taken from the correct place or assure him that there will be no extra charges on his 1st Account because of a debit he did not authorise.

Did anyone else have this problem and was it sorted?

Gambler

jem16 wrote: »

Just when you think things are going along nicely

My son had another text from FD to say that they had taken his arrangement fee. However it appears that they have not taken it from his credit card as they were meant to - that's the authorisation they were given on the original application form - but from his 1st Account. Only problem with that is there is nothing in it so it would make him overdrawn! His first payment for his mortgage has left his HBOS account on the 16th but won't be there yet.

I've told him to phone up and complain and either get it taken from the correct place or assure him that there will be no extra charges on his 1st Account because of a debit he did not authorise.

Did anyone else have this problem and was it sorted?

I'm also concerned about where they take the final fee from so am thinking about putting £299 in the 1st account just in case. I was hoping to transfer my banking to FD but as I was given an original date to transfer of c. 19th March I phoned them when this didn't take place.

They said cahoot had denied the request to transfer as the names didn't tie up on the account. That's correct I sais, I want to transfer 2 sole accounts into one joint account. They said they will try again.

Heard nothing from them since so I wont be transferring my banking now as I don't trust them.

allan673

update from me !!!!!!!!!!!!!!!

:j:beer::j guess what :j :beer: :j

this morning i received a phone call from hsbc securities on behalf of f.d - to say that there was a shortfall between my redemption figure and the mortgage offer (just under £50), and they asked if it was ok to take this from my first account in order to open the mortgage today, i obviously agreed and was told it would be opened today.

so that should be me done now, i wonder if they text me to say its open? if they dont i will phone at tea time to put my mind at rest.

i will call tomorrow too as i want to know when the first payment will be taken, i said the 28th on the application forms - do you think i will have to make a payment on 28th april? or will it be 28th may now.

jem im glad your sons is sorted now, as for his arrangement fee you have solid grounds to complain as he stated credit card as method of payment, the £299 is being added to my mortgage, but i aim to make an overpayment to clear this once the mortgage appears online and i know payment dates etc.
i will post an update as soon as i know its open and online, and payment dates are agreed etc.

just got to say a massive thankyou to everyone who has helped and answered questions on this topic - (you all know who you are) too many names to list :A
updated timeline , its taken 8 weeks since f.d received my application form

jem16

allan673 wrote: »

so that should be me done now, i wonder if they text me to say its open? if they dont i will phone at tea time to put my mind at rest.

They probably should do as they did send my son a text.

i will call tomorrow too as i want to know when the first payment will be taken, i said the 28th on the application forms - do you think i will have to make a payment on 28th april? or will it be 28th may now.

My son's first payment will be 19th May according to FD.

jem im glad your sons is sorted now, as for his arrangement fee you have solid grounds to complain as he stated credit card as method of payment, the £299 is being added to my mortgage, but i aim to make an overpayment to clear this once the mortgage appears online and i know payment dates etc.

Thanks allan. He has phoned FD who told him that it's standard practice to take it from the 1st Account. Apparently he has a £500 overdraft with them of which £250 is interest free so that only leaves £49 on which interest would be charged. His standing order from HBOS should arrive tomorrow and will then put him back into credit so it should only be a few pennies on interest according to my son! I told him thst he should still complain but he's been told that the mortgage team are busy and it would be 7-10 days before he could get a callback from them. He says it's not worth it but that's where we differ - I would pursue it as a matter of principle.

Can't say I like the idea of having to wait 7 - 10 days for a callback to fix a problem though.
i will post an update as soon as i know its open and online, and payment dates are agreed etc.

just got to say a massive thankyou to everyone who has helped and answered questions on this topic - (you all know who you are) too many names to list :A
updated timeline , its taken 8 weeks since f.d received my application form

Glad to hear everything is finally working out for you too.

LostSocks

Allan673 - Glad it's finally getting sorted
jem16 - Great that your Son's has finally been sorted.

My £299 fee was taken from the 1st Account despite being told it would be via the credit card I paid the arrangement fee with. I had money in my account as I've transferred my banking over to make life easier.

The mortgage account shows up the next day online from being opened.

My mortgage account was opened on the 4th, my payment date is the 27th. I recieved my first payment notice on the 10th with interest up to the 5th ready for it to be collected on the payment date of 27th. So I think that makes it 21 days before the first payment. I guess if my payment date fell in the first 21 days then I wouldn't have anything to pay until the second month and would have 2 months interest to pay. Hope this helps.