First Direct withdraws mortgages

[Bumfluff]

I was on the phone to First Direct last night about getting a mortgage. They said the wait for applications to go through was quite long, around 10 - 12 weeks but didn't mention anything about closing down deals to new customers... Was told I just need to transfer my bank account to them at the time of approval.

12 weeks is pushing it for me, so I have a plan B thats with Abbey who are contractor friendly. Abbeys deals are changing daily so they are not advertising remortgage rates you have to ring and find out, I rang and they quoted a very good fixed rate, all I had to do was give me name and they reservered the funds for me for 2 weeks. If First Direct doesnt pan out of they get edgy about a contractor I will go with Abbey, First Direct do seem pretty switched on for contractors though, I havent got 3 years ltd accounts and was with brolly before, they said 2 years ltd accounts and tax return for the 3rd year will do, here hoping its ok, its not a good time to remortgage at the moment

[DimPrawn]

I havent got 3 years ltd accounts and was with brolly before, they said 2 years ltd accounts and tax return for the 3rd year will do, here hoping its ok, its not a good time to remortgage at the moment

Bloody sub-prime borrowers.

[Cyberman]

12 weeks is pushing it for me, so I have a plan B thats with Abbey who are contractor friendly. Abbeys deals are changing daily so they are not advertising remortgage rates you have to ring and find out, I rang and they quoted a very good fixed rate, all I had to do was give me name and they reservered the funds for me for 2 weeks. If First Direct doesnt pan out of they get edgy about a contractor I will go with Abbey, First Direct do seem pretty switched on for contractors though, I havent got 3 years ltd accounts and was with brolly before, they said 2 years ltd accounts and tax return for the 3rd year will do, here hoping its ok, its not a good time to remortgage at the moment

I've been with First Direct since January. I managed to get them to agree to two years accounts and all went pretty smoothly. I also have their offset mortgage and managed to reduce my mortgage with Abbey from nearly 800 pounds to under 300 pounds a month, and with no fees.

[Bumfluff]

Bloody sub-prime borrowers.

lol the ironic thing about it is, I actually work in Credit Risk and all my clients require a spotless credit history, I'm as good a customer as they will get. Even more ironic Northern Rock wouldnt give me a mortgage a couple of years ago, strange world

[milanbenes]

'I've been with First Direct since January. I managed to get them to agree to two years accounts and all went pretty smoothly. I also have their offset mortgage and managed to reduce my mortgage with Abbey from nearly 800 pounds to under 300 pounds a month, and with no fees.

'


how many mortgages you got ?

Milan.

[Bumfluff]

I've been with First Direct since January. I managed to get them to agree to two years accounts and all went pretty smoothly. I also have their offset mortgage and managed to reduce my mortgage with Abbey from nearly 800 pounds to under 300 pounds a month, and with no fees.

So do you have to reduce the mortgage payment based on how much you have in the offset ?

I want to just keep paying what I currently pay monthly on my current mortgage, my savings will cover about 70% of the mortgage amount I borrowed, so I will only pay interest on the 30% and the rest of the payment will be capital repayment can you do it that way ? I just want to get it paid off.

[Bagpuss]

lol the ironic thing about it is, I actually work in Credit Risk and all my clients require a spotless credit history, I'm as good a customer as they will get. Even more ironic Northern Rock wouldnt give me a mortgage a couple of years ago, strange world

You have to know the lingo

Why aye man given us a loon on us hoose i naught bu an ovel but me ma tald me e get inna buy to let hadaway an sheet mon ya divnee loose

[DimPrawn]

You have to know the lingo

Why aye man given us a loon on us hoose i naught bu an ovel but me ma tald me e get inna buy to let hadaway an sheet mon ya divnee loose

lose

[MrRobin]

12 weeks is pushing it for me, so I have a plan B thats with Abbey who are contractor friendly. Abbeys deals are changing daily so they are not advertising remortgage rates you have to ring and find out, I rang and they quoted a very good fixed rate, all I had to do was give me name and they reservered the funds for me for 2 weeks. If First Direct doesnt pan out of they get edgy about a contractor I will go with Abbey, First Direct do seem pretty switched on for contractors though, I havent got 3 years ltd accounts and was with brolly before, they said 2 years ltd accounts and tax return for the 3rd year will do, here hoping its ok, its not a good time to remortgage at the moment

Thanks for the info. I will take a look at Abbey too...

FD wouldn't allow any borrowing on just my accounts (only 1 years, use brolly before). So it's all going on the missus's perm salary. They offer 4.5x salary for new customers... not a problem since we are both earning

[Pickle2]

Halifax too

Looks like halifax are going down the same route.

Will be cash only buyers left soon!

http://business.timesonline.co.uk/to...cle3666670.ece