First Direct - missed a step?

mikeyp231987 · 19 June 2018 at 5:11PM

I've looked at some other threads about the whole mortgage application process with First Direct but my concern is that they mentioned an AIP and sending off documents...none of which I have had yet.

I first applied online on the 7th of this month and was told they'd get back to me within 48 hours. That didn't happen so I rang them up to chase, they found out my online application, apologized for not calling me yet and went through it with me verifying the info over the phone.

They then arranged for me to have a telephone appointment (Thursday) which they said would last around 30 mins. According to their site and what others have said I should have had to have sent some documents off prior to this? So why was I not instructed to do this by their adviser? What exactly is likely to occur during this appointment?

I'm keen to at least get an AIP to send to the estate agents and also before I appoint my solicitor. How much longer is all this likely to take given no documents have even been sent yet?

mikeyp231987 · 19 June 2018 at 5:21PM

Just to add, I've had my offer accepted by seller yesterday and I did send EA an AIP for another lender just so they had something. But I'm obviously keen to get this sorted since this is the one I actually intend to use.

Thrugelmir · 19 June 2018 at 6:09PM

If you applying for a mortgage then you don't require an AIP. Perhaps something will arrive in the post before Thursday.

Dooglemax · 19 June 2018 at 9:40PM

Have you checked your Junk email folder? They sent me the link to tell me what to upload and also how to do it via email.

whambar · 19 June 2018 at 9:59PM

Here is my recent experience with first direct - I have banked with them for about 22 years but my mortage was with Santander so remortgaging not moving but as QE and cheap money will end at some point and my memories of 6-7% mortage being the norm I took a 10yr fix as it!!!8217;s 2.5% mark

Feb - called FD asked about have far in advance I can book a rate advisor said 6 months (current deal ends 30th June) advisor took some details and said booked an appointment for a mortage advisor to call me

Feb - Mortage advisor called back and took details from me, term required , amount required etc and went through my outgoings - said they would send some docs and scheduled another call to follow up. They gave me a code and asked me to upload my last 3 years p60s (this was because my pay into bank exceeded what it should be for my salary - but I have my expenses from work paid through payroll but didn!!!8217;t declare as expenses is a refund to me and not an income) on phone agreed to my loan AIP and would send docs and illustration for review - arranged a follow up for around 1 week later the docs they sent was statement of needs type still and cost from memory

Late Feb - mortage advisor called back and confirmed my understanding of loan and dicsussed various options such as different types of mortage , pro and cons of each and explained she actually encouraged overpayment to reduce term and therefore total amount payable

Advisor then proceeded to summarise what I wanted and why asking lots of confirmation questions - gives time to think about and called back around 90 mins later to check what I wanted

Confirmed no physical valuation needed as their auto valuation was £1k more than I said. Rate and term agreed put on hold for a few minutes and said underwriters have accepted mortage application

Formal mortage docs sent out with 24 hrs arrive after 48hrs returned to them within 7 days got text confirmation 2 days letter that they had them

Contacted by enact within 5 days of doc return , enact sent me the usual legal questions and docs to sign (early March)

April - enact ask me to send copy of my service charge account statement as evidence of timely payment and confirm landlord and management company details

All quiet so contact enact start of June as completion for remortgage due start of July - all in place and ready to go just waiting until 7 days before for most up to date redemption

FD said if all goes to plan I wouldn!!!8217;t hear anything more from FD until mortage opened

All very painless - as I Bank with them they can see all my outgoings checked what each was - affordability was fine no evidence needed other than 3 x p60 - nil cost and total time on phone for process about 2 hrs

mikeyp231987 · 20 June 2018 at 6:12PM

Dooglemax wrote: »

Have you checked your Junk email folder? They sent me the link to tell me what to upload and also how to do it via email.

They didn't contact me at all that i can see and yeah I checked junk.

Their adviser definitely didn't mention doing anything like that, just that there would be this appointment tomorrow.

mikeyp231987 · 20 June 2018 at 6:25PM

whambar wrote: »

Feb - Mortage advisor called back and took details from me, term required , amount required etc and went through my outgoings - said they would send some docs and scheduled another call to follow up. They gave me a code and asked me to upload my last 3 years p60s

Thanks for this. I suspect this is what will happen tomorrow but I'm wondering why they couldn't just do this when I rang them initially. Especially as I had to wait an hour to speak to anyone. He did mention the type of mortgage I'd applied for and outgoings (which he could see from my online application) but then nothing about sending docs or uploading anything. Just that there would be this telephone appointment a whole week and a half later!

I dread to think how long away the next appointment will be scheduled...

MF2015 · 20 June 2018 at 6:56PM

I think we are going to stay with who we!!!8217;re currently with.

FD will only work out £1 a month cheaper over 5 years after their recent rate increas.

wilkowilko · 20 June 2018 at 9:10PM

I'm just going through the process of applying with First Direct and all I would advise is chase them about everything! I had my phone appointment on 2/5/18 and am still waiting for my offer paperwork to come through. After reading others experiences of applying with other lenders I didn't expect my application to take anywhere this long. I'm on the lowest LTV % and had no credit worries so it's been a smooth process, just incredibly slow!

mikeyp231987 · 21 June 2018 at 4:23PM

So I had the telephone appointment. I sh*t it initially because they still had an old property on my application and I hadn't adjusted it since having my offer accepted on a different address. So after the adjustment to the property value, the amount I was asking to borrow took me over the 60% LTV ratio I was trying to secure...

I was fully expecting them to say I'd have to reapply and then wait weeks to speak to them again. But much to my surprise she said I can go online, change the existing application and then she'd call me in 10 mins!

So I did this but there was another heart in mouth moment...whilst doing so it said I had to pick a mortgage product again. And I discovered that the rate from before was no longer available (it has gone up from 1.94% with no product fee to 1.99% with a fee of £500!) so I was absolutely gutted...

HOWEVER, when she rang back she saw this and agreed to still honour the intial rate! So absolutely delighted with that. I now have my AIP (which was a message via my Online Banking) and they want me to just upload all the usual documents. They also took my solicitors details and the estate agent's so they can arrange a valuation.

So everything is now in full swing, fingers crossed there are no hiccups :T

MF2015 · 22 June 2018 at 1:28PM

We have just cancelled our telephone appointment. It was over a 3 week wait and due to them not looking at our bank statements for a dormant current account properly and requesting another months statement that showed zero transactions we would be on a higher rate.

We!!!8217;re going to stay with who we!!!8217;re with which is a shame as it would have been nice having all our accounts in one app but it!!!8217;s not worth the hassle for £1 a month saving.

Not impressed with First Direct this time unfortunately.

First Direct - missed a step?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free