FD mortgages - how long for approval?

HelpMeMove

dweeby wrote: »

Breakthrough, at last!:p

Check out my updated time line here. It seems like I'm the furthest through the process, wish someone was ahead of me - and could tell me what's next. For what its worth, we've been calling them at least once/day recently for updates.

Great news Dweeby. Hopefuly all ours will follow suit soon.

Thanks for the updates.

allan673 wrote: »

has anyone had there wage slips & statements returned yet? and if so, how long did it take for them to be returned please.

allan673, received our bank statements 3 days after we sent our application forms by special delivery. Have yet to receive wage slips ans p60

InMyDreams

HelpMeMove wrote: »

allan673, received our bank statements 3 days after we sent our application forms by special delivery. Have yet to receive wage slips ans p60

Well I have just phoned them because I sent off all my docs by special delivery a week ago and haven't heard a peep. The lady said they were only received yesterday, but Royal Mail tracking says last Thursday :mad:

Anyway, I'm to ring back Friday morning to check on progress. I'm panicking because (as I've mentioned in another thread) we've been paying our mortgage with our credit card to get the cash back. On the current account this just shows as a huge credit card payment each month with no indication that this includes our mortgage payment. Clearly there's not enough left after that to pay another mortgage payment, but I do have a payment that goes out every month for £5 to another account with the ref 'mortgage' as my own personal reminder to pay it with the card. Worried it looks like we can only afford to pay £5 off the mortgage each month. Argh. Wish I'd sent my credit card statements too now. Getting jittery.

dweeby

InMyDreams wrote: »

Worried it looks like we can only afford to pay £5 off the mortgage each month. Argh. Wish I'd sent my credit card statements too now. Getting jittery.

Hi all.

Firstly, we've had "nowt" back - and they had all our stuff by 1/2/08 (and as you know, our mortgage has now moved on from the underwriting stage).

Secondly, if any of you are in any kind of hurry, I'd suggest calling them more often. If you read my time-line (and I'm ahead of you all), there have been several FD delays. I think that had I not been calling them every day, I wouldn't be where I am now.

Thirdly. My experience is that the credit control team examine each and every transaction on any statements you submit. And even straightforward transactions are sometimes questioned. My suggestion is to be ready for this, and have any other documentation somewhere close by - so that you can act on any requests for further info immediately. They are slow to raise queries and slow to process your further info, try to get things back to them same day if possible.

We paid our booking fee right at the start of the process.

InMyDreams

Thanks Dweebs,
I'm not really in any hurry as long as everything does go to plan... I still have 6 weeks until my current deal expires, and my £299 fee was showing as taken from my account on 30th Jan (having 'paid' it over the phone the weekend before). Unfortunately I procrastinated getting my forms back and didn't send them until a week ago. My fault, I know. I'm just worried that something's going to go wrong and I'll be left with days instead of weeks to look elsewhere. I was so confident I'd be an easy, open-and-shut case and had so much time, I got a bit lazy. I guess that's when I bang down the door of a broker and beat myself up for going it alone.

I know I'm not the only one who's not had docs back, but I've not had a query either, or even any confirmation from FD that my docs had been received. Just looked again at your timeline and see it took them 7 days to get back to you in the first instance too, so maybe it's just that... that I'm going to have to provide more docs. When did you start chasing them daily?

dweeby

InMyDreams wrote: »

I still have 6 weeks until my current deal expires

Then I'm sure you'll be fine, but keep a track of my time-line to check the various stages.

InMyDreams wrote: »

When did you start chasing them daily?

Initially, I felt good about FD. Phone call went well, forms arrived quickly, I returned my stuff quickly and assumed everything was cool.

Then, they queried me by letter. I felt that using post had delayed things - but got my responses back ASAP. I can't remember how/when I started calling them, but when I did, it started to become very clear that they're very busy and just don't handle queries quickly.

I called them every day last week, sometimes twice! and they make a note every time you ring them... It just kept me in touch with where they were, and I knew ahead of time when they wanted anything. Stressed me out though, especially when nothing seemed to be happening!

LostSocks

Phoned them again today, as it worried me that they hadn't taken the booking fee despite giving details for it last week, and thought it might mean I hadn't booked the rate. Been told that it will come out, usually takes 3/4 days, but because they are busy might take longer. They confirmed I have the 10 year rate at 5.15%, as he told me it is being withdrawn today.

I haven't had any docs back at all, just a letter saying they had the app and would be in touch. HTH

totally_confused_3

tks to dweeby, i have managed to edit my posts. refer to original post for updates.

LostSocks

I hate this new postal timings. Every time I phone FD up, the post gets delivered 10 minutes after and it usually has something that would save me the bother!!

Just got my current a/c details, and security activation process letter. Also, I got another app for the offset mortgage, which also asks for the docs I have already sent. Cue another phone call to FD. They think it's just a repeat as they have to transfer info from current a/c to mortgage system and it must have just got generated by accident, but keep it just in case!

Totally_confused, the edit button is in the bottom right hand corner of your post. I think it replaces the thanks button on your own posts. HTH

totally_confused_3

Btw, just got off the phone with FD and they said tat even after the underwriters approve the mortgage, it has to go back to the mortgage dept for them to send out ANOTHER AIP and then we have to sign it and get it back to them before they can proceed with the valuation. They told me to call back once I got the AIP and then they could arrange the valuation while waiting to receive the form back.

Anyone been told this? I thought it was just underwriters to valuation to mortgage offer. I didn't realise that there was something else we had to sign and send back in between.

dweeby

totally_confused wrote: »

They told me to call back once I got the AIP and then they could arrange the valuation while waiting to receive the form back.

This is why I'm calling them at least once/day!

Your information infuriated me (another delay?), so I made my first call of today. I was told that there is nothing more to sign, but we'll see.

However, they did tell me that the following timescale applies after underwriting (credit checks etc):

1-2 days for the mortgage application to be passed on internally between departments!
1-2 days for FD to instruct the valuer.
7-10 days for the valuer to do the valuation, complete his report and get it back to FD.

Concurrently during the 7-10 days, they carry out legal work and a few other things. He implied that (assuming no further issues) the mortgage offer letter would go out about exactly the same time as the valuation report came back. On this timescale, I'm about 2 weeks away from my offer - assuming no hold-ups.

And we wait...