First Direct Mortgage Interviews

[Lightwave]

Last year I 'ported' my FD mortgage to a new house.
I'd looked at doing so the year before, it was very noticeable that their lending criteria had tightened enormously, they treated it as a new application and wanted a lot more evidence of ability to pay.
In 2013, they were happy to move the loan and add a further advance, based only on my wife's salary.

So I ended up spending a total of about 2 or 3 hours on the phone, and at one point contemplated selling ISA's etc to avoid the need for a mortgage.

I did have a short conversation with a broker, but they seemed unable to match the zero fees (apart from valuation), offset facility, flexibility or lifetime tracker rate FD had signed up to in 1998.

It will be interesting to see if they let me port it again, as we hope to move again later this year, keeping the current shack as a BTL.

Previous mortgage had a cashback....

[AMH]

i got an advisor calling me today at 2.30
Spent well over an hour on the phone on saturday just going through the in principle stage.

[ELBBUBKUNPS]

i got an advisor calling me today at 2.30
Spent well over an hour on the phone on saturday just going through the in principle stage.

Good luck, not sure if the issues is just for there off-set product as it interest only so hard to get. I've given up on them now tbh and gone to a plan B.

[Lightwave]

Good luck, not sure if the issues is just for there off-set product as it interest only so hard to get. I've given up on them now tbh and gone to a plan B.

Offset is worth having IMHO.
I liked getting their badly worded letters moaning that I didn't owe them any interest that month.
The interest only thing, they have to be able to tick a box saying you've got a credible means to pay them back.
They were satisfied with my ISA and my loosely-avowed intention to keep paying into it.

I'm curious to know how different it is with other lenders?
I know one or two others who have had a lot more questions when moving mortgages in the last year or so.

[AMH]

this was for a tracker.

I looked at an offset, but I prefered yorkshire BS one + they seemed less stringent as well as allowing multiple saving pots. However, lasting only 2 years on the deal kinda put me off as it reverts back to a rate I am paying now.

At least with a tracker (1.49% above BoE BR) the rates could rise from .5% to 2% & I will still be paying less than I am now... Im licking my finger & sticking in the air to predict we won't see 2% for at least 3 years.

[Mark McBurney@CMME]

this was for a tracker.

I looked at an offset, but I prefered yorkshire BS one + they seemed less stringent as well as allowing multiple saving pots. However, lasting only 2 years on the deal kinda put me off as it reverts back to a rate I am paying now.

At least with a tracker (1.49% above BoE BR) the rates could rise from .5% to 2% & I will still be paying less than I am now... Im licking my finger & sticking in the air to predict we won't see 2% for at least 3 years.

Worth pointing out that a tracker rate will be for an initial period of 2-5 years also, with the rate reverting to the same standard variable rate at the end.

Lifetime trackers are not presently available (you might find the odd one, if you're incredibly lucky, for a very short period of time) from anyone.

[saptastic]

Last time I spoke with FD about a rate change they offered the opportunity for optional financial review which also provides some financial protection - I said no and the telephone call was all done in 20 mins.

Quick question for the mortgage greats on this forum : Is it worth having an offset these days? or are the offset interets rates always much higher than standard repayment rates? Thanks

[Power Mortgages Ltd]

Worth pointing out that a tracker rate will be for an initial period of 2-5 years also, with the rate reverting to the same standard variable rate at the end.

Lifetime trackers are not presently available (you might find the odd one, if you're incredibly lucky, for a very short period of time) from anyone.

Not strictly true there Mark...

For starters the post by AMH was referring to either First Direct or HSBC both of which I am pretty sure do (and have for a long time) offer lifetime tracker rates.

Woolwich, Abbey and Hinkley & Rugby are also lenders who do currently (and have done for a long time) offer lifetime tracker mortgages.

Granted there are more 2 - 5 year tracker rates out there than lifetime tracker rates but they are not as rare as you are making them out to be.

[AMH]

Not strictly true there Mark...

For starters the post by AMH was referring to either First Direct or HSBC both of which I am pretty sure do (and have for a long time) offer lifetime tracker rates.

Woolwich, Abbey and Hinkley & Rugby are also lenders who do currently (and have done for a long time) offer lifetime tracker mortgages.

Granted there are more 2 - 5 year tracker rates out there than lifetime tracker rates but they are not as rare as you are making them out to be.

Yup, lifetime tracker to BoE base rate.
http://mortgages.firstdirect.com/mor...t--standard~81

there is also one with a slightly higher interest rate, but no fee's.

[sirja]

Used a broker, I think I spent a grand total of 1 hour to complete the forms and send all the requested documents. No interview. With all the new directives there's no way I would use a broker in future, it costs a bit but is well worth it.