First Direct Mortgage Application

A question about : First Direct Mortgage Application

Hello all,

We started the process of taking out a new mortgage with FD, currently with A&L, about 2 weeks ago. So far our new bank account has been set up and our mortgage offer has been agreed, subject to survey. How long did it take for your survey to be done after you heard that your mortgage had been agreed? And once the survey had been done how long did it take for the process to complete? We were advided the process would take 12-14 weeks, but things seem to be moving faster than expected.

Thanks so much,
Nichola

Best answers:

• Our survey was done last Friday (instructed by FD on the Wed) and I called FD yesterday to confirm that the funds would be transferred on Monday! The rest of the process for us was slow cause I was waiting to get our kitchen finished!
  Good luck!
• The time quoted always seems to be 10-12 weeks, though I have read that they process things more quickly if you are already a FD customer. I would be interested to know what the times are in reality. I wondered if they quoted such a long completion time as a deterrent because FD mortgages are amongst the best deals at the moment.
• pokey, how long from start to end?
• Mine took 6 weeks from initial on line application to it completing on Monday this week, but I had Christmas in between and I'm a customer already. I've been with the bank for around 17 years and I think they're great with a no nonsense approach.
• Mine completed on Friday and took 10 weeks for us as new customers (which includes Christmas etc). It could have been quicker but they lost some paperwork we sent them and it took best part of 2 weeks to sort that mishap out. Apart from that they were very good though.
• We were quoted the standard 10-12 weeks from the receipt of the signed application form. We are existing customers
  We sent the form back exactly 3 weeks ago, and today received the offer letter to sign and return. The surveyors were instructed on Wednesday, and will carry out the survey on Monday.
  The offer letter assumes a switch over date of 1st April, which would be near enough the original 12 weeks, but I am hoping it will be quicker than that.
• all done and dusted including valuation in 3 weeks, but i am a fd customer
• Initial call with the FD mortgage dept 12 Oct 2008. Mortgage was drawn down 1st Dec 2008. Was a new customer to FD. Think survey and all paperwork was done within 3-3.5 weeks.
• New FD customer. Ј250k offset remortgage. Started a couple of days before Christmas, completed 31 Jan. Happy day!
  Great service, very helpful via phone and email. Highly recommended. Plus Ј100 paid to switch!!
  Agreement to survey less than a week.
  Survey to funds available about 10 days. (You need to sign various paperwork in between.)
• FD customer and ours took a couple of months and missed the day we needed to remortgage by a day but this was due to our old bank. Any way really happy got one of those magic 0.79 trackers and saving a fortune so happy happy happy
• It can take up to 12 weeks or so according to their initial information - I had a mixed experience - you would think straight forward, with remortgage, LTV less than 50%, Loan to Salary x2, agreed immediately. The early part of the process was quick - days for paperwork to come through, a few days more for the mortgage to sign ... then silence ... two more weeks before the valuation came through to them (only aware of this because we phoned - nothing received in writing), paperwork waiting to be checked by them, despite them checking it line by line over the telephone when we applied (only aware of this because we phoned), another two weeks delay waiting for a redemption figure from our existing provider (only aware of this because we phoned) - it seems that action is only taken when you phone up and they then get on with the next stage (or rather, perhaps this is the normal speed and it would be completed in the 12 weeks - but you can get it done faster by phoning?!).
  I appreciate that they say it can take up to 12 weeks but when it is a straightforward remortgage, you would think it could be done much quicker (or maybe I was just impatient to get off the high rate that we were paying and recoup some/all of the redemption penalty before the rates go up again!). That said, they are always at the end of a phone when you ring, hardly ever have to wait to be put through to someone and deliver what they say they will within the 12 weeks - probably been inundated with applications.
  Still kicking myself for not looking in this sooner when rates started to fall at the back end of last year as their offset tracker was even better value then and we would have more than recouped the redemption penalty by now . Ah well, who could have predicted it :confused:.
  Anon