FD mortgages - how long for approval?

totally_confused_3

dweeby wrote: »

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.

Sorry for getting you upset. Think it might have been for nothing as I just spoke to them over the phone again and they are now giving a similar information as you:

- After underwriters, move to mortgage support for valuation (In the meantime, you will receive an AIP saying that you have an agreement in principle subject to valuation - DON'T need to sign or return this. Hopefully this is true.)
- After valuation, you will receive offer letter, of which you sign and send back a copy
- After that, you get some legal docs that I also think you are supposed to send back (not sure if this is sent to solicitors or us as I got super confused at this stage )

She also said that the valuation process would take 7 days to be done.

totally_confused_3

And on a happier note - ANOTHER BREAKTHROUGH!!!! I got my mortgage approved!!! Just got off the phone with FD chasing up the docs that I faxed this afternoon and they said that it was already approved and asked if I wanted to instruct the valuation. Of course I went ahead and gave them my credit card to charge to.

BUT I do have a concern:

- the lady said tat they haven't received my docs from the other dept but it was approved so she asked if I wanted to proceed with it. She did ask if I had filled in the valuation form tat came in the initial application pack and I said yes, after which she said tat she would put a note in the system so tat when she receive the forms, they would not do a double instruction.

I sure hope that the application was really approved and it is not tat they are proceeding ahead with the valuation without the approval. Well, guess I will only know for certain if I receive the AIP and if it really comes... (But maybe she is trying to save the 2 days that Dweeby mentioned tat it takes for docs to transfer internally?)

P/S: She was a really nice lady and gave me the direct no to the dept tat is now dealing with my mortgage and valuation (i.e mortgage support) and said I could give them a call anytime to check the process. Dweeby, did you get this too?

P/S 2: Calling definitely helps!!! I called 3 times today (morning call to chase them, afternoon call to confirm they received fax on additional docs, evening call to check on progress and to be told it is APPROVED!!!) :j

phead

Anyone know at what stage they ask the current mortgage provider for the redemption value for your old mortgage? Does this happen before or after your sent the formal offer letter?

LostSocks

Brilliant news totally_confused. :T

I'll be on the blower tomorrow, as I sent my app back only 1 day after you, so I want to know if mine is in a similar position. Probably not though as I haven't been asked for any additional docs as of yet. Could do with some good news, as I'm stuck in house with an 18 month old with Chicken Pox

Gambler

I made an intial phone call to register my interest on 13-Feb. Was promised a call back within 7 days but nothing so far.

From reading the various threads on FD yes they have top rates but I haven't got time to ring them 2/3 times per day as suggested so I think I'll pay a little more for less hassle.

Here is my timeline for a new house purchase.

13 Feb - Called to enquire about offset mortgages but due to being so busy they would call back within 7 days.
22 Feb - Missed first call back.
23 Feb - Missed second call back.
24 Feb - Called early Sunday morning and was told I would receive a call back asap.
24 Feb - No call back so called again Sunday evening to be told I just had to wait my turn !!
25 Feb - Activated 1st account security and was promised a call back asap.
25 Feb - Received a call back within the hour, only to be told the 4.99 rate had gone. He was going to check with a manager and call me back the next day.
26 Feb - Recived the call back but disappointed as could not offer me the 4.99 rate. There would be a new 5 year product out on 1st March but the rate was unknown.
10 Mar - Decided to go with the new 5.29% 5 year fix but still no joy getting through to the mortgage dept. Would receive a call back asap.
10 Mar - Received call back within the hour and spent the next hour on the phone to a lovely Scottish lady who agreed a deal in principle.
13 Mar - Received application pack
14 Mar - Called to pay the £299 booking fee. Straight through this time to mortgage support.
19 Mar - Returned application form, pay slips, P60's and bank statements via recorded delivery.
20 Mar - Application pack received by FD.
01 Apr - Mrs. G called to activate her security details and when enquiring how the mortgage was coming along was shocked to be told they didn't have our bank statements and had been trying to contact us.
03 Apr - Valuation fee charged to credit card.
04 Apr - Received bank statements, payslips etc by special delivery. Fair play.
14 Apr - Called FD to check if valuation has been done. It has but undervalued the house by £48K !!!
14 Apr - Called FD again as couldn't believe the valuation figure quoted so they phoned the valuation company direct and we were given incorrect information on first phone call, everything is okay.....phew! Should be another 3-5 weeks.
17-Apr - Just received a text from FD "We have agreed your Nortgage. Your offer documents will be with you in the next 4-5 working days."

HelpMeMove

Great news totally_confused. I was told yesterday ours is with the approvers today and should tomorrow receive AIP. Needless to say I'll chase them up as we returned the forms same day as you and haven't had to provide any more documentation like you have.

Gambler, reading the thread I can understand your concers but FD really are a pleasure to deal with. I think a lot of us are on the phone to them at least once a day as we're in a rush to get the mortgage through. If you have the luxury of time and you expressed your interest before they pulled the deal (assuming you went for 5 year) I can highly recommend them, as I'm sure others here will do too.

Gambler

HelpMeMove wrote: »

Gambler, reading the thread I can understand your concers but FD really are a pleasure to deal with. I think a lot of us are on the phone to them at least once a day as we're in a rush to get the mortgage through. If you have the luxury of time and you expressed your interest before they pulled the deal (assuming you went for 5 year) I can highly recommend them, as I'm sure others here will do too.

Thanks. I'll hold on a little longer.

LostSocks

I've phoned today to get an update. No good news as yet. Says it with mortgage approvals team, will be up to a week before I hear anything. They have received my valuation report, but have just said if they can use it, it will still cost £65 as they need to retype it. I can try sending or faxing it again to them to make sure they have it. I'm a little frustrated now, seeing that people have been approved and I can't do anything to hurry them on.

Gambler, Helpmemove is right. I'm in a rush as we are purchasing a house and we are exchanging this week with a previous mortgage offer and I want to get this better deal in place for when we complete in April so I have a deadline that I need to get it in place for, otherwise I will have to complete with the not so good mortgage deal. They are really nice to deal with and nothing has been any trouble for them.

allan673

updated my times on pg1, got letters today, first account and savings account set up along with internet banking info, just called to activate and set up security.
p.s theyve pulled the deal of 5.15% today and replaced it with 5.34% !!!
glad i sorted it last week now !!!

LostSocks

Any news anyone? Have you got your approval through totally_confused? Dweeby has your valuation been sorted?

No news on my front, phoned them today and still with credit approval. I'm starting to get worried about it, as they haven't asked for any other docs/ID from me as of yet and I haven't had any returned.