FD mortgages - how long for approval?

SpongeBob_2

Gambler wrote: »

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?

Yes, the offset with FD is an interest only mortgage. You will need to manage the capital repayments part via standing order.

whu

as i understand it from FD you can set up a part capital repayment mortgage within the offset -you set up a standing order and this is what they will take each month even if the interest payable each month is less because of offsetting/overpayment

Gambler

whu wrote: »

as i understand it from FD you can set up a part capital repayment mortgage within the offset -you set up a standing order and this is what they will take each month even if the interest payable each month is less because of offsetting/overpayment

I've just had another look and I think I may be okay. The interest charge has been added to my mortgage account but not taken from my 1st account.

The SO I have set up from my 1st account includes both capital and interest so this should cover everything. I have overpaid by £2.40 due to offsetting

allan673

same as me gambler,your fine.
i opted for capital and interest repayment style too.
interest only is around £245 per month on mine (this will decrease each month as the mortgage balance reduces)
but ive got a standing order for £460 per month set up.so every month £460 gets paid into the mortgage.
(say £245 pays the interest, then the rest of it £215 pays the capital)
plus im making the odd small overpayment too on top, only £50 ish per month but it all helps to pay it off.

ive got a 10 year fixed rate with them, over a 15 year term. but i would love to have it nearly paid off in 10 years when the fixed rate period ends ???

mrsm

:wave: I was wondering how everyone else is getting on.
We're having a ball here. Interest is approx £220 a month but we have a £600 SO. Each month the offsetting is saving us about £5. Not lots but it all helps.
The mortgage has been decreasing nicely (shame the additional funding has increased but at least I have a new boiler to show for it and apart from the mortgage and additional borrowing we are now completly debt free as we used it to pay off a loan)
From next month things should be financially better money wise so I hope to pay the money we used to spend on the loan into the mortgage too.
Like you Alan we hope to clear it by the time the fixed rate ends

allan673

nice to see you mrsm, and im glad its all going ok for you.

mrsm

good to see you to allan, and gambler :wave:
I do pop back from time to time- I sort of miss the daily updates we all had when we applied.
The thing I like most is actually seeing the mortgage amount decrease each month, we only used to get an annual statement before so you never really knew where you were.

allan673

mrsm wrote: »

good to see you to allan, and gambler :wave:
I do pop back from time to time- I sort of miss the daily updates we all had when we applied.
The thing I like most is actually seeing the mortgage amount decrease each month, we only used to get an annual statement before so you never really knew where you were.

I COULDNT AGREE MORE,
it is a great feature seeing the balance reduce every month, and its making me want to get it down a.s.a.p.
i cant afford to overpay by huge amounts unfortunately, around £50 per month at present.
at a rough calculation i need to overpay £100 per month to pay it off in 10 years.
but with payrises etc this should be achievable over 10 years ?

TighterThanTwoCoatsOfPain

Woo hoooo, after a massively long wait (applied in Feb, redemption penalty ends on 30th June) I am hoping to complete on 1st July..

Obviously i'm expecting the 1st of the month to be very busy..

Couple of questions:-

a) Anybody else complete on the 1st.

b) Did the target completion date slip.

this is just a straight remortgage, they have the redemption statement from existing lender so just ticking the time away now (hopefully!)

Akeap

Well after my mad rush to push FD to get the mortgage turned around for completion today (27th) about 5 weeks in total!! they only held us up a bit sending out the offer docs/legal pack to make our completion slip to an estimated Fri 4th July.:rolleyes:

But it seems now after some wierd search results come up from my buyers solicitors, it appears that the land that my flat along with 23 others has a building restriction that only 10 units can be built on the land so I have spent the last week chasing the Planning Dept at local council to sort it out.

After all that, it appears the builders Linden, had taken some kind of insurance out against the restriction as it was from 1970 (flats built in 2001) and the policy is only for 1.8 million so only covering 80k ish per flat. Im selling for 190k ---- Buyer wanted a contribution to help upping the insurance :mad: whats it got to do with me as I have never even heard of it when I bought?

Anyway....now the person I am buying from who was pushing for 27th completion (due to Barrats wanting to get him in before July for 6months figures i guess) and was told 4th was actually the day it will happen now "cant do the 4th" and decided to tell us now :mad: !!

Oh well so all systems go for Monday 7th July (fingers crossed)

If your in a hurry FD CAN do it!! :T