Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    totally_confused
    FD mortgages - how long for approval?
    • #1
    • 12th Feb 08, 10:36 AM
    FD mortgages - how long for approval? 12th Feb 08 at 10:36 AM
    I know tat there are some pple who have sent back their firstdirect applications and I want to find out how long does it take for them to get back to you that the valuation is done and mortgage is approved, i.e. before exchange of contracts and actual drawdown.

    I am sending back my forms today and now firstdirect tells me tat they need to open the deposit account with them first (since this is an offset mortgage) and then they can transfer the documents to the mortgage department to process my mortgage!!!!

    We have actually started an application online for our bank account the previous week (i.e. 7 working days till today) and to date, they still haven't asked us for any documents so I am losing faith in their words that it takes only 7-10 working days to open a deposit account since it definitely is taking more than tat!!!!

    AND they are now so busy due to their competitive rates so I am afraid that the mortgage approval might take longer than the 6-8 weeks that they are now saying.

    I need to know this as we are currently living in a rented place and I need to give 2 months notice to move out and I don't want to give the notice until exchange of contracts as anything can happen. But I need to have the mortgage approved before my solicitors can proceed so can anyone please help?
Page 2
  • totally_confused
    No. They didn't send everything back, only bank statements. I also included my payslips and last year's P60.

    I think they probably photocopied them and returned it. I really don't know...

    It just came in their normal FD envelope.
  • HelpMeMove
    Here's my time line:

    08/02/08 agreed in principle over phone
    11/02/08 received app forms
    12/02/08 sent completed app forms and supporting docs
    13/02/08 forms and docs received by FD
    15/02/08 received back pay slips only with a note to say they will be in contact in 10 days
    18/02/08 Needed further proof of address which they later didn't need (see below). Current a/c will be open in 24-48 hrs
    23/02/08 Received Welcome pack and all the remaining docs back in the self addressed envelope.
    27/02/08 Payment of £299 charged to CC, but no AIP in post. Called and arranged the valuation while its processed.
    03/03/08 Received offer doc with wrong offer type (Home buyers instead of Buildings). Valuation company contacted EA to arrange survey for 04/0308
    04/03/08 Called FD to correct the survey type on the offer doc and instruct the valuation company accordingly
    06/03/08 Received amended offer doc. Signed and sent back
    10/03/08 Confirmed receipt of signed offer doc and valuation
    11/03/08 Solicitor received legal pack
    14/03/08 FD queried our deposit source, need a statement from our parents who are helping.
    17/03/08 Solicitor faxes statements to FD
    20/03/08 FD process the statements
    25/03/08 I chase them, they confirm a fax has been sent, solicitor not received anything
    26/03/08 still nothing, chase them again. They are holding us back from completing on 28/03/08
    11/04/08 Mortgage account set up, we've been charged twoce for booking fee, chased them up and its been returned.
    14/04/08 We completed! Wooo hoo

    We completed 9 weeks after our first covnersation to FD. FD themselves took 8 weeks.
    Last edited by HelpMeMove; 18-04-2008 at 9:29 AM. Reason: Updating time line
  • dweeby
    anyone else had there statements etc returned so quickly.
    Originally posted by allan673
    As of today, they've had everything of mine for 14 days - not had any of my stuff back.

    It's easier to get through to them once the bank account is set up (first thing they do), as you're classed as an existing customer and on their system.

    They go through your bank statements item by item, and assess affordability based on your outgoings on the statements you've provided. "Affordability" seems to be as important as LTV and salary multiples.

    If they raise any queries with you, they write to you (not call). When they receive your responses, they review it in strict rotation - they don't receive the information and instantly say "yup, that's it, thanks!". So, by the time they query you by mail, recieve your response and review it - 5+ days can have passed. Also, they seem to work to a non-negotiable check-list, if you offer useful information that isn't on their list - they're not interested.

    Frustrating when you're trying to buy a house!
    Andy
    The older I get, the better I was...
    • TighterThanTwoCoatsOfPain
    • By TighterThanTwoCoatsOfPain 15th Feb 08, 2:50 PM
    • 843 Posts
    • 440 Thanks
    TighterThanTwoCoatsOfPain
    Also, they seem to work to a non-negotiable check-list, if you offer useful information that isn't on their list - they're not interested.

    Frustrating when you're trying to buy a house!
    Originally posted by dweeby

    Not sure how true this is.... i am trying to weasle out of paying their valuation charge.. I onlymoved house and ported my old mortgage in december when existing lender valued.... they have said that if i can get a copy of the valuation the my lender used "for lending pruposes", but not my homebuyers report then they're take that if its only a couple of months old..

    I doubt my lender will send it me though but worth a try! i found their approach very flexible... even after i have sent my forms back i have changed the amount i'm borrowing with minimal fuss, and even got a text today confirming they had got my form and would start to process them shortly.

    no rush for my remortgage though as redemption penalty runs for a good few months yet..
  • Choppie
    Hi all,

    Has anyone got FD's 5 yr fixed with >80% LTV (I need 85.54) When I got the agreement in principle I hadn't got the detail from my current lender which is where the 85.54% figures come from??

    thanks in advance.
  • LostSocks
    Not sure how true this is.... i am trying to weasle out of paying their valuation charge.. I onlymoved house and ported my old mortgage in december when existing lender valued.... they have said that if i can get a copy of the valuation the my lender used "for lending pruposes", but not my homebuyers report then they're take that if its only a couple of months old..
    Originally posted by TighterThanTwoCoatsOfPain
    We are purchasing a house and already have a mortgage offer from another lender, but thought we would get this mortgage instead as it would save us money. I have tried to get them to use our valuation - the mortgage one and our independent home buyers survey, but they have told me no straight away. How did you manage to get them to say they would if it was the lending one? I have a copy of mine and would be really happy to send it on to them and save another valuation fee.
    • jem16
    • By jem16 15th Feb 08, 11:20 PM
    • 18,718 Posts
    • 11,561 Thanks
    jem16
    We are purchasing a house and already have a mortgage offer from another lender, but thought we would get this mortgage instead as it would save us money. I have tried to get them to use our valuation - the mortgage one and our independent home buyers survey, but they have told me no straight away. How did you manage to get them to say they would if it was the lending one? I have a copy of mine and would be really happy to send it on to them and save another valuation fee.
    Originally posted by LostSocks
    That's two of us that have been told our mortgage valuations could be used - it may require "retyped" we were told.

    Why don't you send them a copy anyway?
  • LostSocks
    That's two of us that have been told our mortgage valuations could be used - it may require "retyped" we were told.

    Why don't you send them a copy anyway?
    Originally posted by jem16
    I phoned them again today to check if they have my application and got through to somebody in the credit approvals dept. I also asked about the valuation and got a totally different reply. Yes they can use it if it is the valuation for mortgage purposes and they surveyor is on their panel. So I'm sending a copy today. I guess it must be who you talk to.
    • TighterThanTwoCoatsOfPain
    • By TighterThanTwoCoatsOfPain 16th Feb 08, 12:06 PM
    • 843 Posts
    • 440 Thanks
    TighterThanTwoCoatsOfPain
    woohoo.. thats good news.. fingers crossed they dont try and get out of it... hopefully they wont. I have dealt with FD and they have been quite possibly the best bank i have ever dealt with..#

    My only gripe was the delay in speaking to someone over the mortgage transfer, but given the superb deals i guess that was no surprise... just used to getting through to them with 3 rings to a call centre who know their stuff first time i suppose!

    gl with your valuation being accepted.. let us know if they do..
  • LostSocks
    I've updated my timescale with the latest items. FD called today to ask for some missing info on my app.
  • allan673
    this is good to know, i will keep mine updated too.it gives us all a comparison and rough timescale.
  • HelpMeMove
    Have updated mine too and will remain to do so....

    Just had a call from them, they need more proof of identification as I moved into our current address only recently. Except I don't have any as everything is still sent to my previous address (my parents address) as we knew we would be moving.

    Have called my bank to change address and send out a statement which will take 6 to 8 days. And then I have to send this back to FD. It's not their fault, just one thing we could have done without.
    Last edited by HelpMeMove; 18-02-2008 at 3:33 PM.
  • LostSocks
    Have updated mine too and will remain to do so....

    Just had a call from them, they need more proof of identification as I moved into our current address only recently. Except I don't have any as everything is still sent to my previous address (my parents address) as we knew we would be moving.

    Have called my bank to change address and send out a statement which will take 6 to 8 days. And then I have to send this back to FD. It's not their fault, just one thing we could have done without.
    Originally posted by HelpMeMove
    That must be frustrating for you though, having to wait all that time for your bank statement. Have you not got a council tax bill or utility bill you could use?

    I've updated mine today. Not much to add really. I asked how long it will take and I have been told 6-8 weeks. I can't believe it takes this long, as my other mortgage offer took only 6 weeks and there was Christmas and new year included in this.
  • dweeby
    I asked how long it will take and I have been told 6-8 weeks. I can't believe it takes this long, as my other mortgage offer took only 6 weeks and there was Christmas and new year included in this.
    Originally posted by LostSocks
    Welcome to my world!

    We're buying, and can't progress until the mortgage application is processed.

    Latest?

    Wednesday - need a letter faxing over, then that's it - last thing they need.
    Thursday - faxed over (but wife can't use the fax - so it didn't go!)
    Friday - I faxed it over late morning.
    Friday/Saturday/Sunday - nothing (and they do work at weekends)
    Monday - "yes we have your fax, but case not re-considered yet".
    Tuesday (today) - we wait...

    So, this query has likely delayed us a week. They've had all our stuff over 2 weeks now, and its a relatively simple application. Is the credit crunch affecting our applications??
    Andy
    The older I get, the better I was...
  • iwassomeoneelse
    I've updated mine today. Not much to add really. I asked how long it will take and I have been told 6-8 weeks. I can't believe it takes this long, as my other mortgage offer took only 6 weeks and there was Christmas and new year included in this.
    Originally posted by LostSocks
    When we re-mortgaged to the Lambeth a couple of years ago it took about 10 weeks... we ended up on SVR for a few of those. So I still think 6-8 isn't so bad...

    Lambeth were good for us though, despite being slow. They merged with Portman and then Nationwide (hence two bonus payments) and as Nationwide's SVR was half a percent lower than Lambeth's, our discount transfered over to a very nice rate. Pity it ends in May!
  • HelpMeMove
    That must be frustrating for you though, having to wait all that time for your bank statement. Have you not got a council tax bill or utility bill you could use?

    I've updated mine today. Not much to add really. I asked how long it will take and I have been told 6-8 weeks. I can't believe it takes this long, as my other mortgage offer took only 6 weeks and there was Christmas and new year included in this.
    Originally posted by LostSocks
    Nope, my wife lived there before and I moved in with her after we got married so everything was on her name. didn't bother changing my address as we'd only be moving out again.

    I called them yesterday evening and went through a few details with them which turned out to be wrong (e.g. spelling mistakes with the address) and when they corrected everything it went through so they are no back on track for processing. So the bank account will be open in the next 24-48 hours and the mortage application will begin end of this week.

    To speed things up they gave us the option of starting the valuation even though the application hasn't all gone through. Problem is this is non refundable should the application not go through, can't see no reason why it won't but we're talking about a lot of money so may not chance it.

    They also gave us 6-8 weeks.
  • totally_confused
    Gave a call to FD seeing that they have been in touch with most pple either asking for documents or giving updates. They have said tat my bank account has now been set up and I should receive my welcome pack in the next couple of days. *fingers crossed* But I am registered on their system as a customer already so hopefully it will make it easier to track the mortgage process.

    So my updated timeline:

    12/2 - Forms sent back to FD
    14/2 (2 days) - Forms received by FD and processing
    14/2 (2 days) - Bank statements received back from FD
    19/2 (7 days) - Bank account set up
  • dweeby
    Breakthrough
    Breakthrough, at last!

    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.
    Andy
    The older I get, the better I was...
    • mrsm
    • By mrsm 19th Feb 08, 4:13 PM
    • 287 Posts
    • 128 Thanks
    mrsm
    Can I add my re mortgage time line?
    14/2 Call back from FD. Mortgage offered in principle
    16/2 Forms received
    19/2 Paper work returned via Special Delivery
    23/2 Call from 1st Account to check additional income (child benefit & tax credits)
    24/2 Call from 1st Account to say current account approved with £500 OverDraft facility?
    26/2 amended Application Received detailing loan & additional income
    27/2 1st Account activated and security set up
    28/2 Transfer date for bank account received. amended application form returned (FD said it was just needed for their records)
    1/3 Bank statements,P60etc returned by FD (recorded delivery)
    1/3 Rang FD for update. Re mortgage has been approved and we will receive paperwork by the end of next week
    6/3 Booking Fee finally taken from Credit Card
    8/3 Formal Offer received from FD
    9/3 Called FD as Offer Document has incorrect fixed rate and term. They are reproducing but I probably won't get it until towards the end of next week.
    13/3 Correct Offer Document Received
    17/3 Offer Doc returned by SD. Called FD for update. Valuation received and looks ok (210K same as my figure) but they just need to check nothing untoward on it. Told the legal pack should be here in about a week.
    20/3 Legal Document received today
    25/3 Legal Document returned
    27/3 FD chased redemption statement
    1/4 legal doc on file but needs checking. Still waiting redemption statement
    4/4 FD have the redemption statement I've faxed over and they are chasing the legal doc as its still not checked
    5/4 Legal Doc has now been checked. We're green to go. Just waiting for them to transfer the funds to our old lender
    7/4 Being impatient I rang for an update. Seems we're in the queue for the funds to be transferred but they couldn't tell me when it would be other than asap
    8/4 Still waiting for that magic text
    11/4 Still no text but............................drum roll please...............It doesn't matter. Our mortgage was opened today and we now have a shiny new 10 yr fix at a fab rate . And the icing on the cake, hubby has suggested a takeaway tom.night to celebrate (takeaways are a very rare occurance in the M house)
    12/4 I guess my final update. Logged on to internet banking this morning and alongside my 1st & savings accounts are my mortgage account and extra borrowings account. It'll be nice to be able to keep tabs on it so closely
    Last edited by mrsm; 12-04-2008 at 7:54 AM. Reason: updated
  • totally_confused
    tat's great news for you, dweeby!!! hope to hear something positive back from FD soon too!!!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,114Posts Today

7,695Users online

Martin's Twitter