FD mortgages

A question about : FD mortgages

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?

Best answers:

• tat's great to know!!!! let me call my solicitor. thanks so much!!!
• thanks for the timescales dweeby. Have just sent off my application form this morning by special delivery.
  They only requested mine and my wifes P60's, last 3 months pay slips and bank statements. What additional proof of ID did they request later? (whish I had read this earlier!)
  Also, with regards to sending your documents back, they don't. They shred them and recommended sending a self addressed envelope with a note if you want them back. A word of warning.
• OMG!!!! I totally forgot abt using special or recorded delivery and simply sent my forms back in the freepost!!! Am I daft??? I am now sooo worried tat it might get lost as those are all my originals!!! I did think abt getting them back from FD after they have processed but never thought of them getting lost in the mail!!!
• Yes, but not first time round. I called them this morning before I posted to confirm. But she didn't sound very sure. Didn't want to chance it.
  I almost didn't call them myself, only speaking to a friend he asked me what they will do with the docs. I assumed they send them back. Don't beat yourself up about it.
• I just got off the phone with firstdirect and the lady on the phone said they don't shred the docs and will send them back. But I am not sure who to believe anymore!!! I am soooo stressed!!!!
  And they can track if they have received my docs in the freepost but they will need sometime to get it on the system so I can only ring back and check at the end of the week!!!! OMG... that's 4 days worth of worry for me!!!!
• Hi guys,
  The additional ID required was because we've been living in rented for 2 months, and some of the bills I sent them originally had our old address on - so you shouldn't have this problem.
  Hope we get our P60's back, you can't get replacements. We used special delivery just to be on the safe side, and to ensure no delays.
  FD just got back to me. Our mortgage is going to be assessed tomorrow, and we'll get a decision as to whether they'll give us a mortgage based on what we've sent. A valuation would be the next thing. I had thought that this was a foregone conclusion, following the info we gave over the phone 2 weeks ago!?? anyway...
  2 weeks and counting, and we've got everything back to them ASAP...
• Thanks so much for your update. Please continue letting us know your progress.
  Agree that it seems wierd that they are assessing your mortgage application tomorrow but it could be the same case as me. Coz we don't have an account with FD, we were not given an in-principal approval when we did it on the phone but rather they told me tat I have to fill up and send back the forms and then they will do the necessary checks/assessments.
• Thanks dweeby for updating us on your timeline. Sorry to hear abt your problems and hope you manage to get it sorted.
  My own timeline (although a little different from dweeby's as I count from time I posted my forms back):
  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
  20/2 (8 days) - FD called re queries on mortage. Faxed back additional docs.
  20/2 (8 days) - Received welcome pack and activation process etc...
  20/2 (8 days) - MORTGAGE APPROVED subject to valuation!!! Took the details and payment for valuation.
  22/02 (10 days) - Valuation still not instructed. All other supporting docs returned.
  26/02 (14 days) - Valuation date booked for next Mon. Processing offer docs, hoping to receive by end of week.
  26/02 (14 days) - Valuation rescheduled for thursday morning (28/02)
  28/02 (16 days) - Valuation done and offer letter sent out
  29/02 (17 days) - Offer letter (dated 27/02) and surveyor's forms received
  03/03 (20 days) - Signed offer letter delivered
  04/03 (21 days) - Offer letter acceptance and valuation not on file, legal pack being prepared and to be sent by end of week
  04/03 (21 days) - Homebuyer's report received
  05/03 (22 days) - Everything on file but not checked, legal pack is in process of being sent out today
  06/03 (23 days) - Legal pack to reach solicitor today.
  06/03 (23 days) - Received text tat valuation is fine but offer acceptance still not checked.
  **final update:
  14/03 (31 days) - Solicitor requested for funds from FD
  15/03 (32 days) - Went into solicitor's office to sign legal docs
  19/03 (36 days) - Drawdown from bank to arrive
  20/03 (37 days) - Supposed completion but delayed... (no fault of FD)
  So it took me abt slightly over 5 weeks to get everything done and dusted
• RE-MORTGAGE
  ive gone for the 10 year fix @ 5.15%, will let you know my timescales.
  05/02/08 - agreed in principal over phone, sending me application forms
  07/02/08 - forms received
  14/02/08 - forms sent to f.d, paid Ј299 fee over phone - not taken from my account yet (17/02/08 - 3 days later)
  20/02/08 - got letter from fd stating they are processing my application & they will be in touch within 10 working days.
  21/02/08 - letters received,1st account and savings accounts set up & internet banking info.
  22/01/08 - cashcard received for the first account.
  23/02/08 - cheque books and paying in books received - booking fee still not taken from account.
  26/02/08 - wage slips, statements and p60 returned to me today (special delivery)
  26/02/08 - rang f.d, all approved - just waiting for offer to be sent to me - within 7 days they said.
  26/02/08 - Ј299 booking fee taken today - a lot of progress today.
  28/02/08 - pin numbers arrived today for cashcards
  03/03/08 - rang f.d, a valuation was requested on 27th feb (this takes upto 7 days) then when they get the valuation
  back they will send out offer documents to me.
  05/03/08 - text message from f.d @ 9am - "we have agreeed your mortgage.your offer documents will be with you shortly"
  07/03/08 - offer documents arrived today (22 days since i returned the original application)
  10/03/08 - signed and returned the offer document - (cleared up monthly payment info with f.d over weekend)
  10/03/08 - f.d have received the survey-valuation report, everything ok with it. just a case of waiting for legal docs i think now?
  25/03/08 - was told the legal docs are being posted today, also the Ј99 valuation was taken today.
  26/03/08 - (41 days) the legal pack arrived today
  27/03/08 - signed and returned the legal pack to f.d
  04/04/08 - legal pack being re-sent to me, girlfriends name is spelt wrong on it, she corrected and initialed it, but i have also got to initial it - im a bit annoyed !!!
  08/04/08 - legal pack received again, i just had to initial the changes on pg 2 and 4, sent back to f.d same day
  15/04/08 - faxed new redemption statement to f.d as they are only valid for 7 days from my current lender
  17/04/08 - (8 weeks from when f.d.received my app form) got a call to say that there is a Ј50 shortfall between redemption figure and the offer, they are deducting the difference from my first account and the mortgage will be opened today!!!!!!!!!!!!!!!
  17/04/08 - the Ј299 arrangement fee was taken from my first account at around 10pm.
  18/04/08 - my new mortgage has appeared online
• Thought I would add my timescale to this thread.
  Going for the 10 year fix at 5.15% and purchasing a property.
  30/1 - Initial contact with them, need to wait for callback
  7/2 - Missed FD callback
  8/2 - FD callback received. Sending app pack out
  11/2 - Received app pack
  12/2 - Phoned FD and booked fixed rate - paid £299 booking fee
  13/2 - Sent app pack back
  16/2 - Called FD to check app received. Also told I may be able to use previous valuation report so send it in. Also received letter (after phoning!) to that FD had received app.
  17/2 - FD called for some missing info from app for the current acc bit.
  18/2 - Sent copy of valuation report from current mortgage offer
  19/2 - Phoned to check on progress as exchanging today using mortgage offer from another lender. Told current a/c and saving a/c to open over night. Now passed on to mortgage processing dept.
  20/2 - Phoned again to see when booking fee to be taken as not taken as of yet. Should be soon. Confirmed that I have the 10 year rate booked. Mortgage now with underwriters. Shall here something hopefully in next 2/3 days.
  20/2 - Received welcome pack and another app for mortgage. Keeping hold of it just in case, but have confirmed with them that they have my app.
  21/2 - Received letter re: transferring current account and cards. Phoned them for progress update. None so far, but have received my valuation report.
  22/2 - Phoned FD - no update to report, still with credit approvals. Booking fee still not taken as of yet. Got further current account transfer info and paying in books.
  23/2 - Phoned FD - no update
  25/2 - Phoned FD - Been accepted subject to valuation. Will phone back to say whether our valuation report can be used instead. Phoned back and valuation report is going to be used. Just got to wait for offer docs which should be with me later this week.
  28/2 - Phoned FD - Mortgage app now scanned on system. Should get offer by early next week. Booking fee still not taken. Received DH's wage slips back in post today.
  29/2 - Booking fee now taken off cc dated 26/2
  3/3 - Phoned FD told that message on system says that today my offer letter has been sent out and legal pack is being prepared.
  5/3 - Offer letter has arrived . Signed offer put back in post.
  8/3 - Phoned FD for an update. Signed offer has been received, waiting for it to be checked. Legal pack sent out to solicitors on 6/3
  10/3 - Phoned FD and changed date of payment mortgage to end of month and amount (upped it)
  11/3 - Received letter from Solicitors saying that FD's mortgage offer had been received by them. Arranged to sign offer on 17/3
  17/3 - Signed legal mortgage document at Solicitors.
  18/3 - Solicitor phoned to say our sellers have phoned saying they will be phoning next tues to give us our 9 day notice to complete, which means we should complete on the 10th April. Solicitor is going to request the mortgage amount for the 7th so it is ready and waiting.
  26/3 - Been told that our sellers have been given their 10 day notice, so we should have ours tomorrow and apparently still aiming for 7th April. Solicitor had already requested monies for 7th April.
  28/3 - Finally been given our notice to complete, completion set for 7th April.
  4/4 - Rest of deposit sent to solicitor and mortgage amount has been received by the sols ready for completion on Monday 7th. Second £299 fee has been taken from my FD current account.
  5/4 - Mortgage account showing on internet banking
  7/4 - Welcome letter arrived for mortgage and we have completed. Yay.
  10/4 - Another letter saying what mortgage account details are
  11/4 - First statement listing first interest payment due!!