First Direct - Income Multiples & LTV

[Deleted User]

xSteve wrote: »

Is that a strict 4 times or is it 4.1x or 4.2x etc.?

It's 4 times exactly, they wouldn't go any higher than that.

xSteve_2

Brilliant, thanks for that. Anyone else got any more digits to contribute?

penrhyn

From the First Direct website:-

Sorry, owing to unprecedented demand, we have decided to temporarily withdraw offering our mortgages to non customers. We will be back offering great rates to everyone as soon as possible. We will continue to progress all existing mortgages requests from new customers.

xSteve_2

Yes so I see, I'm gutted but hoping that because I made the initial call on 11th March that they'll still process the application :rolleyes:

xSteve_2

Just to update my own thread, got the call back today.
They only do Fixed rate offset up to 80% LTV
Our LTV is about 87.5% so they'd only consider a 6.2 variable (offset) or a 0.34% above BoE (non-offset).

Which kinda !!!!!!s up my plans, and then to add salt to the wound, because the LTV is so high, they couldn't look at extending the income multiples past 4% joint.

Ah well, once I knew the fixed 5.29 offset rate was out the window for me I lost interest anyway (no pun intended!).

Nevermind, the search continues... :cool:

MSaver_2

I have been offered maximum 4X. To get +0.34 deal you have to borrow 200K. I have been offered 196K max. I will have to earn 1K more to get the deal.

LTV is not a problem as I want only 45-55%.

Any more similar "Term Tracker" Deals? or +.34 is the best with £399 fees.

Any suggestion to rescue me?

robertmckee14

Im currently in the process of opening a bank account with them to apply for a mortgage. Our LTV is 79% and our joint income multiple (excluding all bonuses + overtime, which adds 5,000 a year) is 3.3.

Is there even a hope of getting accepted!

When do you pay your booking fees and when is the valuation done. I wouldnt want to risk losing the booking fee and waste a few months if the chance of getting a mortgage with them is slim!

Anyone in the middle of this process?

mrsm

robertmckee14 wrote: »

Im currently in the process of opening a bank account with them to apply for a mortgage. Our LTV is 79% and our joint income multiple (excluding all bonuses + overtime, which adds 5,000 a year) is 3.3.

Is there even a hope of getting accepted!

When do you pay your booking fees and when is the valuation done. I wouldnt want to risk losing the booking fee and waste a few months if the chance of getting a mortgage with them is slim!

Anyone in the middle of this process?

Not in the middle, but completed earlier in the month so hopefully i can help with the fees at least.
IF for any reason FD decline a mortgage, at any stage, the booking fee will be refunded. When I did mine they took my CC details for the booking fee when I phoned to confirm I wanted to proceed (after the telephone AIP, and once they'd sent the paperwork) but it was actually much later when they deducted it (Not sure if that's standard or down to how busy they were)

FD told me that the only way I would have been out of pocket would be loosing the booking fee if I decided not to proceed but if they turned me down it wouldn't cost me anything (although, I'm not sure what would happen if you were declined after valuation if the valuation was much less than expeted, affectting LTV's etc)

Not sure how much help it would be as things have changed since I applied but you may find my timeline helpful for when fees were taken etc. There's a few timelines at the start of the thread

robertmckee14

Thanks, thats some comfort at least as the LTV will likely just pass or just fail!

Our valuation was done about 1 month ago by the most conservative Estate agent in our area but with house prices falling and the fact a bank will likely value lower than any estate agent.

Fingers crossed!

mrsm

robertmckee14 wrote: »

Thanks, thats some comfort at least as the LTV will likely just pass or just fail!

Our valuation was done about 1 month ago by the most conservative Estate agent in our area but with house prices falling and the fact a bank will likely value lower than any estate agent.

Fingers crossed!

From personal experience (at what the others said) I think the drive past valuation for remortgages seems to come out at what ever figure you give