First Direct Mortgage questions

IDN101

I'm in the market to Remortgage- got to get something sorted for the start of May, so not long left (6 weeks)

The First Direct 4.75% fixed rate for 2 years looks good- even with the £1,500 fee. I have a few questions that don't seem to be answered on the website:-

1) How much is the valuation fee likely to be?
2) Is there going to be solicitors fees on top of this or do I just sign a form (they make it sound very simple on their site)
3) Can I add the £1,500 to the mortgage debt
4) How long will it take to arrange- I realise I'll need an account to/
5) Is there any get-out penalty after the 2 years end.

Many thanks for any advice you can offer.

Regards,
Ian

_Andy_

IDN101 wrote: »

I'm in the market to Remortgage- got to get something sorted for the start of May, so not long left (6 weeks)

The First Direct 4.75% fixed rate for 2 years looks good- even with the £1,500 fee. I have a few questions that don't seem to be answered on the website:-

1) How much is the valuation fee likely to be?
2) Is there going to be solicitors fees on top of this or do I just sign a form (they make it sound very simple on their site)
3) Can I add the £1,500 to the mortgage debt
4) How long will it take to arrange- I realise I'll need an account to/
5) Is there any get-out penalty after the 2 years end.

Many thanks for any advice you can offer.

Regards,
Ian

Their website would be your best port of call -

http://www.firstdirect.com/mortgages/offset-indetail-costsstatements.shtml

Re timescales there is already an extensive thread on this.

sexy_fufu

IDN if you call them, they really are usefull.

Workout your mortgage first thou, Because there is a a 2 year fixed @ 5.25 with £99 fees, if your mortgage isnt over 150K then you might benefit going from the higher interest rate.

Do your Maths it might work in your favour.

Dan_Collins_2

£1500 for 2 years? I think unless you have big mortgage that may be a little high. I think 5 year deals are giving good value for money!

The questions you ask may only be able to answered by FD!

mrsm

Hi
I'm currently re mortgaging with FD (10 yr fix 5.15%).
We had an agreement in principle on 14th Feb, and received our formal offer document last Saturday (although there was an error and the ammended one was recived on Thursday)

As for fees, not sure on the breakdown but ours were
£299 to book the rate (this has to be paid at the time of booking the rate, after the offer in principle you get 6 days to book that rate or the funds are reallocated to the pot, and whilst I've been remortgaging lots of rates have come and gone)

£299 admin fee added to mortgage
£99 valuation (if property can been seen by road you only need a drive by valuation).
This thread should help, several of us have included our timelines. Mine is here