FD mortgages - how long for approval?

fraser

ask for the day after your existing deal ends i.e. no redemptions due and make sure there is a daily interest figure included as well.

mine just completed yesterday, so they added on a days interest to the figure. my normal direct debit to Lloyds (my previous mortgage) still went out (on the SVR) but will be returned to me in 10 working days.

nathanhill69

fraser wrote: »

ask for the day after your existing deal ends i.e. no redemptions due and make sure there is a daily interest figure included as well.

mine just completed yesterday, so they added on a days interest to the figure. my normal direct debit to Lloyds (my previous mortgage) still went out (on the SVR) but will be returned to me in 10 working days.

It's best not to request your redemption statement too early as you want the final figure to reflect any payments you will have made against your existing mortgage. Also, when you're sure of the date that FD are going to draw down your existing mortgage cancel any due Direct Debits to your current mortgage lender if there is an overlap - that will prevent you having to wait for a refund from your old mortgage lender.

I have just completed re-mortgaging with FD and the whole process could not have been smoother, or indeed faster. Original phone call application made on 3 April, mortgage opened 2 June (although they were ready to go over a week ago). Very pleased with the whole process.

Financially_Prudent

Quick Update, looks like processing times are improving now the backlog has been cleared.

Applied for 5.25% rate, with £99 fee at beginning of March, finally sent off application form to go ahead with remortgage [not due till 30th August] but thought best to get it started, as my hope that rates would come down hasn't materialised.

Application Form, wage slips and bank statements for my wife sent on Friday 16th May, as my wife doesn't bank with FD, I do.

Joint current account and personal account for my wife set up on 20th May.

Offer letter received today for mortgage, with the provisio that this is based on an acceptable valuation being carried out.

Checking other timescales, I thought the valuation would have been carried out first before the offer letter was sent.

Offer Letter has been signed and dated and being sent off today.

Akeap

Hi All first post here and great info from all btw!! :T

I am an existing FD mortgage holder and have been a customer for 10+ years.

I am currently in a fix rate period until September 08 but want to move now and have arrange with FD to move my mortgage to the new house and take out an additional amount which will be classed at a different rate ie 6% normal rate until my fixed runs out in Sept, then I will arrange the same rate for the whole mortgage. (confusing I know )

I applied for a mortage at begining of April and had the AIP but didn't know if I would have to drop the price of my house by alot from asking price to sell so wasn't sure of the amount i needed to borrow and didn't send app back.

Well as it turns out I got what I thought I would (dropping what I thought I would need to) and negotiated a chunk off the house we want to buy so only sent my Application Form back with 10k less needed on the mortgage last Tuesday 24th Registered post (next day delivery).

I am a contractor with my own ltd company so accounts were required aswell as P60's etc, also the new mortgage is to be a joint one with girlfriend who had moved her banking/savings etc to FD the previous month.

I have since spoken to FD to "check they had all they needed" hint hint hurry! and it seems that they have quoted 10-12 weeks turnaround, the person I am buying from is pushing for end of the month (June) completion which I think is not doable but more like mid July :eek: .

Anyway, I will update progress on this as I have a more "unique" situation with lots of variables- FD Customer/mort holder already/Contractor not Perminent staff/quick turnaround requested etc

keep up the good work all!!

fraser

hope you are able to complete in the timeframe, they do try to hit dates but i expect they will be busy again with the reopening to all types of customer

the phones did seem to be answered quicker in the last few weeks so fingers crossed

I have just applied for a virgin credit card on 0% for 15 months so I am going to stooze in 15k straight away - that should help me pay off quicker

Akeap

Well I only posted yesterday and had a call last night asking about/verifying credit card amounts etc and a panic as they need a P45 from a year that was 2 months short on my P60 and at 8pm at night trying to get an online faxing service to work !! :eek: they seemd a bit reserved about whether they would accept :eek: !!

Got a text this morning at 9am!! We are accepted what a turn around

Fantastic timeframe should get the docs in post of offer in 4-5 days according to text.

Now to push those others in the chain!!

whu

nathanhill69 wrote: »

It's best not to request your redemption statement too early as you want the final figure to reflect any payments you will have made against your existing mortgage. Also, when you're sure of the date that FD are going to draw down your existing mortgage cancel any due Direct Debits to your current mortgage lender if there is an overlap - that will prevent you having to wait for a refund from your old mortgage lender.

I have just completed re-mortgaging with FD and the whole process could not have been smoother, or indeed faster. Original phone call application made on 3 April, mortgage opened 2 June (although they were ready to go over a week ago). Very pleased with the whole process.

I returned all the final offer documents and legal charge forms on 27 May and have not heard anything since - current mortgage ends on 30 June and next payment due on 16 June - should I chase up the redemption statement from current mortgage provider now or wait until after 16 June - thanks.

Caps_4444

I just spoke to Natwest (current mortgage). Basically my current deal ends on the 30th of June, however my last payment on the current deal is July 5th. Can this be correct? Sounds a little strange to me.

Akeap

Well after a slight delay on what was said on our acceptance of mortgage text, the Survey is happening this afternoon and after a chase FD have said they as still "checking" stuff and offer should be out in the next 2 days :rolleyes:

I will pursue them Monday if nothing is in the post. I have been told that it takes 24 hours for Valuation Survey to appear on FD's system.

Gambler

Just wondering how everybody is getting on running their offset accounts. I'm confused !!!

I've set up a standing order to cover the amount of capital repayment and interest but FD are also charging the interest seperately.

I'm guessing I need to recalculate my SO to only cover the capital repayment?