FD mortgages - how long for approval?

InMyDreams

totally_confused wrote: »

Hope this thread has proven useful to many pple and best of luck for the future!!! :beer:

Thanks so much for starting it all off. Seems quite ironic that you were the only one of the initial bunch (I think) that didn't end up completing on your FD mortgage. Argh well, you were with us in spirit.

allan673 wrote: »

hi, "our lass" is my fiancee - sorry for any confusion - it must be a yorkshire thing lol

LOL but I'm Yorkshire too! (But not native so maybe that explains it.) Sorry that you had such a nightmare in the final stages. My redemption was only valid for 7 days too. But glad it's all sorted now.

mrsm wrote: »

He mentioned that due the extra interest mine will be over the amount I requested. He made a note that I had agreed it to be taken from my 1st account (I'm guessing if he hadn't they would have to contact me and ask how I want to fund the rest)

Congrats on your completion too, mrsm

Sounds like this has happened to lots of the remortgagers. Take note those at the start of the process... if your LTV and multiples will allow it, ask for a bit more than you think you will need. You can always pay it straight back once all is up and running. Because of the unfortunate timing of my regular payment on 1st April, the redemption didn't take it into account so I was a whole monthly payment (plus a few days interest) short which they took from my 1st account even though I'd already made the payment to my old provider. I have since had it refunded (only took the two weeks they said it would) but I have been out of pocket for those two weeks.

mrsm wrote: »

the good news is we paid our old lender on 31/3 but wont pay FD until 25th May so that should cushion the blow from the fees that were whacked on the credit card

Hmm... My mortgage opened on the 4th April. On the 10th April they had already calculated my first interest payment! 7 days worth! Due on the 1st May. Still at least it'll only be a relatively small payment. As an aside, with my old mortgage, the interest was added to the mortgage and paid for the same day (always the 1st). With this one, the interest charge wasn't added to my mortgage, but won't be taken from my 1st account for three weeks! Result!

LostSocks wrote: »

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.

Similar to me then LostSocks. I think??? Which '5th' is your interest calculated to? Will your first payment be just 2 days' interest or a whole month? Good to hear that everything came through though.

Jem, glad to hear all's worked out for you too.

allan673 wrote: »

i will keep popping back to see how your all getting on, but most of us who posted at the beginning have completed now.

thanks again for the helpfull info :A to everyone, its been like a chat room, very friendly people !

Me too, and ditto. I think all initial posters have successfully completed now, yes?

A few final notes about mine...

• My £299 did end up being added to the mortgage after all that!
• My £99 valuation fee was finally taken from my credit card on 7th April but I think they billed for it on the 4th which would have been the day the mortgage opened.
• Having waited until it was all sorted before transferring DH's salary which I sorted when I got back from holiday, we will end up missing the 3 month deadline to qualify for the £100 incentive. (His work say it won't be done in time for this month.) I did manually transfer over his salary at the end of last month so that may trigger the £100 payment but we'll just have to see.

I think that's about it.

Oh yes, am still being impressed by their amazing customer service. I phoned up today (not the mortgage dept) to ask about opening a linked saving account. (Couldn't see on-line how to open a linked one.) Phone was answered immediately by someone who could help straight away. Ended up doing it all over the phone and it was opened immediately. And this is on a Sunday afternoon! Should show up on line tomorrow. Apparently we can open as many linked saving accounts as we like, so we can keep holiday/Christmas/car/etc savings separate but all ofsetting the mortgage. Cool. Thinking about their 8% regular saver too, but obviously won't be offsetting that one!

allan673

great post inmydreams,
i agree the customer service is second to none, and its great to be able to view the online mortgage balance...............a great incentive to offset and make overpayments.
take care................al

PeteMc

Me too, and ditto. I think all initial posters have successfully completed now, yes?

Not quite! I was probably one of the first on here to declare I'd reserved one on 21/01 and I've just returned the mortgage offer today (received Friday).

BUT I'm buying a house (and hadn't found one when I reserved) and in no rush, so I can't blame FD in any way. They've been my main bank for 18 years and probably had one or two grumbles in that time so I hope that continues.

Well done to all that got the excellent first released rates just don't keep checking other rates now for the next 5 or 10 years!

phead

I have to say FD are utterly incompetent, after messing up the valuation and loosing 2 weeks having to get another one they have now failed twice to sort out the mortgage. They requested a final figure for redemption on the 11th, and failed to transfer any money, then again on the 19th and yet again failed to transfer any money, tomorrow is their next attempt.

Those idiots at FD are really getting on my nerves.

LostSocks

phead wrote: »

I have to say FD are utterly incompetent, after messing up the valuation and loosing 2 weeks having to get another one they have now failed twice to sort out the mortgage. They requested a final figure for redemption on the 11th, and failed to transfer any money, then again on the 19th and yet again failed to transfer any money, tomorrow is their next attempt

Sorry phead to hear of your problems. I hope your mortgage goes through tomorrow.

InMyDreams wrote:

Similar to me then LostSocks. I think??? Which '5th' is your interest calculated to? Will your first payment be just 2 days' interest or a whole month? Good to hear that everything came through though.

I have only 2 days interest to pay on the first payment. Glad to hear your mortgage is sorted too.

Allan673 - Congratulations on your new shiny mortgage. Glad to hear it has gone through.

phead

Well that was an ordeal, but they managed it on the third attempt :j , hopefully dealing with them will be easier in the future!

shaymenRup

Phead, got to say I'm surprised at your experience. Sometimes its worthwhile keeping on their case.
In my case I received a copy of the redemption figure (from existing lender) but FD did not.(only found out when I rang) I faxed them my letter and on the same day the funds were transferred.
Been with FD for over ten years. Just started offsetting and think its great.

phead

Hmm so whats the £100 "incentive" that appeared in the account about? I must have missed that one in the account docs.

Money for nothing, shouldn't argue.

InMyDreams

phead wrote: »

Hmm so whats the £100 "incentive" that appeared in the account about? I must have missed that one in the account docs.

Money for nothing, shouldn't argue.

Yup, it'll be explained here. It is an incentive for opening the 1st account, open to anyone and nothing to do with the mortgage. The fact that you had to open one anyway to get the mortgage doesn't change the incentive. :beer:

Edit; glad your mortgage is sorted now though,

And sorry to miss you out, PeteMc! Hope the house move goes smoothly.

allan673

hi,
very quiet here now.
guess were all sorted.