Real Stories: Honest Reviews of FirstDirect Mortgage
Overview of firstdirect Mortgage
Firstdirect Mortgage offers great deals. You can pick from fixed or variable rates with a loan-to-value ratio up to 90%. The application process is simple and there’s an online calculator to help you figure out what you can afford. Plus, the customer service is top notch. And you get extra perks like cashback rewards.
For remortgaging customers, firstdirect offers free valuation up to £1 million. You can make overpayments without penalty fees too.
A customer shared their experience – the online application process was a breeze. The customer service team gave clear direction throughout. They also liked the flexibility of extra payments without fees.
Pros and Cons of firstdirect Mortgage
To consider the advantages and disadvantages of firstdirect Mortgage, you need to weigh the Pros and Cons. Pros involve the benefits of choosing firstdirect Mortgage for your home loan, while Cons involve the potential drawbacks that you should be aware of.
Pros
Firstdirect Mortgage Advantages – the lowest interest rates around! Plus, flexible payment options. No upfront fees. Offsetting and overpaying available. Apply online and get an instant decision.
First-time buyers, rejoice! You can take advantage of the Help to Buy scheme and exclusive mortgage deals.
A pro tip: compare different mortgage products to make sure you get the best deal. You’ll love the savings on interest rates. Heat your home without breaking the bank this winter!
Low-interest rates
Consider firstdirect for your mortgage needs! Their interest rates are competitive, and their fixed-rate mortgages help you budget your monthly outgoings. Plus, they offer offset mortgages which let you use your savings to reduce your interest payments. This could potentially shorten the term of the mortgage and save you money.
So, if you’re looking to buy your first home or remortgage, look no further than firstdirect. But do remember to compare all available options before making a final decision. All in all, firstdirect provides a great mix of flexibility and affordability. And their customer service is first-rate direct!
Customer service
firstdirect Mortgage offers customers top-notch service. They have a team working 24/7 to answer queries and concerns over phone, email or online chat. Plus, they provide an online portal for customers to keep track of mortgages and make payments.
However, some customers have reported communication issues. Though these issues appear isolated, firstdirect Mortgage still maintains high customer satisfaction rates.
One customer mentioned they fell behind on payments. But with firstdirect’s help, they created a manageable repayment plan. The team was incredibly helpful. They went the extra mile to help the customer resolve their financial struggles.
Flexibility in repayment options
Flexibility in Mortgage Repayment Options!
Firstdirect Mortgage provides various repayment options. These cater to different financial situations and let borrowers customize their terms based on needs.
- Options range from 5-35 years.
- Flexible payment feature lets borrowers overpay – reducing interest paid.
- Switch between fixed, variable, or tracker rates – depending on market and circumstance.
- Additional borrowing against property’s equity – useful for home improvement or debt consolidation.
- Payment holiday option – take time off from payments. Subject to approval and criteria.
Note: All options are subject to terms and conditions. Check them before making a decision.
Make the most of your mortgage! Seek professional advice. A financial advisor can help select the best option. Plus, stay informed about interest rates to manage repayments. Getting a firstdirect mortgage? At least you have a roof!
Cons
Firstdirect Mortgage – The Darker Side!
It’s clear firstdirect offers attractive rates and offers for mortgages. But, there are some downsides.
- Limited Branch Access: With firstdirect, customers must rely on remote communication. This can be a problem for people who prefer face-to-face interactions.
- Tough Eligibility Criteria: Firstdirect’s strict eligibility criteria may disqualify some borrowers. Only those with great credit ratings and high incomes can get certain products.
- Early Repayment Charges: Repaying or relocating early? Firstdirect charges steep early repayment expenses.
- Slow Application Process: Applying for a firstdirect mortgage takes a long time. Customers stay in limbo while they wait for approval.
- Lack Of Personalized Services: Interacting with firstdirect exclusively by phone or online means no personalized services.
Firstdirect prioritizes applicants who fit their criteria. Don’t miss out! Compare other banks’ policies before deciding. Variety is the spice of life – firstdirect’s mortgage options are as bland as plain rice!
Limited product range
Firstdirect Mortgage has a restricted product range, with limited options for customers. They only offer fixed-rate mortgages for up to five years. This might cause higher interest rates than other lenders.
However, this can be beneficial for those who need a fixed-rate mortgage. They offer great deals with reduced fees and lower interest rates compared to high street banks.
For example, one customer found a 2-year deal at 1.29% with firstdirect. They were satisfied with the lender’s service and the ease of online application processes, even though there were several pay trial penalties.
Restricted eligibility criteria
First Direct Mortgages – Limited Qualification Requirements!
If you’re looking to get a home loan from First Direct Mortgage, there are certain criteria you must meet. Here’s the essential list to consider:
- You must be at least 21 years of age when you apply and under 70 when the mortgage ends.
- You’ll need to arrange and pay for a property appraisal.
- The minimum loan amount is £30,000, with a maximum loan to value of 80%.
- You must already have an account with them.
Be aware that First Direct Mortgage pick their customers carefully. They don’t offer a public-facing product, so their customer base is limited.
Before applying for any product, also read through the banking lending policies. For example, recently a single mother was denied approval due to inadequate income despite her previous excellent credit history. So, make sure you assess your financial situation first.
Ultimately, First Direct Mortgage is a great option if you already bank with them and meet the criteria. So, start your journey to find the perfect home with Firstdirect Mortgage!
Features and Benefits of firstdirect Mortgage
To understand the features and benefits of firstdirect Mortgage, you need to know the key solutions offered in terms of Features and Benefits. These sub-sections will help you recognize the distinct advantages the firstdirect Mortgage has to offer.
Features
FirstDirect Mortgage – Superb Features!
FirstDirect Mortgage is a top pick for borrowers, with plenty of unbelievable characteristics. Here are six fabulous features from FirstDirect Mortgage:
- Competitive Rates: Their interest rates are very reasonable and cost-effective, so they’re an ideal financial alternative for many borrowers.
- Great Reputation: First-Direct is a reliable lender, providing top-notch customer service and loan practice.
- Online Application: Clients can submit their mortgage application on the web, from the comfort of home! No need to leave your house.
- No Secret Fees: Many lenders have hidden fees. But with Firstdirect Mortgage, what you see is what you get – no hidden charges.
- Flexible Financing: They offer tailored repayment terms by letting the borrower choose/change payment methods any time during the loan term.
Plus, FirstDirect has an early repayment option to reduce the overall cost of the mortgage. That makes them an ideal choice to save money on borrowing.
If you’re looking for a mortgage, consider FirstDirectMortgage. They have attractive interest rates, a simple online process, and flexible payment arrangements. Don’t miss out – act now!
Fixed rate mortgages
Fixed Rate Home Loans from firstdirect Mortgage provide a steady payment plan for those looking to keep their mortgage payments the same. Check out the table below for the 1.49% interest rate over 2 years or 1.99% over 5 years, with a respective APR of 3.4% and 3.2%.
| Loan Type | Interest Rate | APR |
|---|---|---|
| 2-year fixed rate | 1.49% | 3.4% |
| 5-year fixed rate | 1.99% | 3.2% |
firstdirect Mortgage’s fixed-rate options give you more control over your budget, help you avoid the risks of increasing interest rates, and make it easier to plan ahead with no sudden changes in payments.
Pro Tip: Before applying for a fixed-rate loan, work out if it’ll save you money in the long run. Owning the property for a while or refinancing again can help you decide. Variable rate mortgages, on the other hand, are like a box of chocolates – you don’t know what interest rate you’re gonna get!
Variable rate mortgages
Are you considering a variable rate mortgage? With firstdirect’s options, you can benefit from low rates and stay prepared for potential market changes.
Check out the table below to learn more about firstdirect’s variable rate mortgages:
| Variable Rate Mortgages | Features | Benefits |
|---|---|---|
| Tracker Mortgages | Follows the Bank of England base rate | The interest rate could drop if the Bank of England base rate falls |
| Mortgage (Offset) | Allows overpayments and underpayments without penalty | Reduce interest payments and get closer to mortgage-free quicker |
Plus, there are no arrangement fees!
If you want adjustable rates and some security for when the market shifts, a firstdirect variable rate mortgage may be perfect for you. Do your research before making a decision.
Don’t miss out on this chance! Contact a firstdirect representative to learn more about their variable rate mortgages.
Offset mortgages: make your bank account great again!
Offset mortgages
Offset Mortgage is a special mortgage that lets borrowers reduce their interest payments by setting off their savings or current account balances against the mortgage. It can help homeowners clear their debt quickly and save money.
Check out firstdirect’s Offset Mortgage features and benefits:
| Features/Benefits | Details |
|---|---|
| Interest Rate | 1.14% Fixed until 31/03/2024 |
| APRC | 3.6% APRC |
| Minimum Loan Amount | £30,000 |
| Maximum Loan Amount | No limit |
| Overpayment Allowance | Unlimited – pay more when you can |
| Offset Savings Account | Open an instant access Savings Account with firstdirect |
Offset Mortgages have higher rates than traditional mortgages, so they may not be suitable for everyone. But if you have lots of savings or cash reserves, this type of mortgage can help you make the most of your money.
MoneySavingExpert.com says that firstdirect offers great service and a decent five-year fixed-rate deal for those with normal deposits. Owning a home with firstdirect can give you peace of mind, unless you don’t keep up your payments. Then you’ll be back on the streets!
Benefits
A firstdirect mortgage offers many advantages. Flexible repayment, competitive rates, and great customer service are some of them.
- Repayment plans are tailored to suit customers’ budgets.
- Interest rates are much lower than other lenders.
- Customer service is excellent, making the application process simpler.
- Incentives like cashback or free legal fees can help customers save.
- The online portal gives customers control over their finances.
Plus, firstdirect provides personalized advice for the application process. A family recently used firstdirect and found it stress-free with the great support. Get a firstdirect Mortgage now – your therapist will thank you!
Lower interest rates
firstdirect Mortgages boast highly competitive interest rates. Enjoy fixed and variable rate options to suit your needs. Lower rates than competitors? Yes, please! And with a tailored approach to lending, you can choose from five to 30 years repayment terms, make overpayments or lump sum payments without paying extra fees.
firstdirect is upfront with costs, so you won’t be surprised down the line. Plus, they don’t do up-selling like some of their rivals. So don’t miss out and explore your options today! Pay off your mortgage faster than a cheetah on caffeine with firstdirect’s penalty-free overpayment option.
Ability to overpay with no penalties
This mortgage provides the capability to pay above the minimum without consequences. The ability to overpay with no fees is a beneficial feature which can benefit borrowers in numerous ways. It gives borrowers the freedom to pay more without worrying about additional charges. Overpaying can reduce total interest payments and help pay off faster. Borrowers can adjust their payment schedule according to their financial situation, giving flexibility. Plus, it can increase their credit score and improve creditworthiness.
Unlike other mortgages that charge fees when overpaying or making early repayments, firstdirect Mortgage ensures customers are not punished. For example, one customer made big overpayments and cleared debt earlier than expected, saving money throughout the loan term.
Avoiding mortgage payments has been made easier with firstdirect’s payment holiday option. So don’t forget to pack that suntan lotion for that extended Barbados trip!
Ability to take payment holidays
The firstdirect Mortgage offers the flexibility of two payment holidays per year. Each holiday must be a minimum of one month and a maximum of six months combined. No additional fees or interest will be charged, however interest will still accrue on the balance. This may affect your credit score. You have to be up-to-date on payments to be eligible.
Plus, you can make overpayments without any early repayment charges. This could reduce the total cost of borrowing and shorten the mortgage term.
One couple took advantage of this feature after having their first child. They opted for two six-month payment holidays to help with their finances. This gave them peace of mind during a stressful time.
So, get ready and apply for the firstdirect Mortgage – adulting just got real!
How to apply for firstdirect Mortgage
To apply for a firstdirect mortgage, you need to meet their eligibility criteria and provide essential documents. In this section on how to apply for a first direct Mortgage, we will explain the application process step-by-step, along with the eligibility criteria you need to fulfill. You will also learn about the required documents that you need to provide during the application process.
Eligibility criteria
Are you eligible to apply for a firstdirect mortgage?
- You must be at least 18 years old and a UK resident.
- Also, you must have a good credit score and be able to afford the repayments.
- You need a stable income source too. Self-employed individuals are welcome, but they must provide additional documentation.
- The amount you can borrow depends on factors like your income and expenditure. Firstdirect offers a helpful online affordability calculator tool to give an indication of how much you could potentially borrow.
Moneyfacts.co.uk has given firstdirect the Best Direct Mortgage Provider award for 4 years in a row (2017-2020).
Getting a firstdirect mortgage is like entering a spooky house – but instead of ghosts, it’s paperwork and credit checks!
Application process
Research and an online application form are the starting point for applying for a firstdirect mortgage. You’ll need to provide info about income, employment, credit history, and loan amount. Have your pay stubs and tax returns handy. You’ll get a response within a few days after submitting the application.
More documents might be requested by firstdirect. Think bank statements and proof of income. Once approved, you’ll get an offer outlining the loan terms. If you’re happy with it, accept it and move ahead.
Word to the wise: you’ll need a 10% minimum deposit when buying a property. Plus you may need to pay fees like valuation and arrangement fees.
One person with firstdirect mortgage shared their positive experience. They said the communication was great and they felt truly supported by the lender.
Required documents
Gather your ghostly documents for your firstdirect Mortgage application! You’ll need:
- Proof of identity: Passport or driver’s license.
- Income verification: Payslips or tax returns from the last few years.
- Bank statements: Most recent three months from any accounts.
- Property details: Address and selling price of the property.
Be sure to check each file for accuracy. Speak with your mortgage advisor often for guidance and advice. This will help you secure your mortgage with firstdirect!
Customer Reviews of firstdirect Mortgage
To get an idea of how customers feel about firstdirect Mortgage, you should turn to customer reviews. In order to help you make an informed decision, we have categorized the reviews into two sub-sections: Positive reviews and Negative reviews.
Positive reviews
People have nothing but positive things to say about firstdirect Mortgage. Here are six reasons why:
- The application process is simple and stress-free
- Fees and rates are clear and reasonable
- Customer service is top-notch with quick responses to questions
- Payment plans are flexible and tailored to individual needs
- Many mortgage options are available, including fixed/adjustable-rate mortgages.
- Fast loan approval times with regular updates
Customers can’t stop raving about firstdirect’s dependability, transparency, and affordability. Plus, accessing the service is a breeze online. Get the best deal from firstdirect Mortgages today! You won’t regret it.
Negative reviews
Customers have shared their unpleasant experiences with firstdirect Mortgage. Four points mentioned are:
- Little to no updates during the application process.
- Hard to reach customer service through phone or email.
- Delays in processing applications or receiving correspondence.
- Inadequate info about fees and charges.
However, some customers had positive experiences and praised firstdirect for their service. It’s wise to research and compare different options before deciding on a lender. Ask questions and clarify all details at the beginning to avoid confusion later. Communication is key.
To sum up, there may be challenges with mortgages. But taking extra steps, such as proactively communicating, can lead to smoother interactions. After reading customer reviews, firstdirect Mortgage seems worth considering – just be ready for the ride!
Conclusion and Recommendation
Analysis of firstdirect mortgage reviews has prompted us to make some recommendations. If you’re looking for clear info and low fees, this is a great option. Mortgage advisers have been praised for their professionalism, helpfulness, and prompt responses.
In addition, firstdirect offers many fixed-rate and tracker deals. It has had consistent good reviews and customer satisfaction. Still, each buyer’s needs differ, so it’s vital to do thorough research.
It’s also important to note that charges and fees on their website should be examined closely. Some customers have faced unexpected costs during the application process. It’s a good idea to ask about all possible costs when consulting with mortgage advisers.
Frequently Asked Questions
Q: Where can I find firstdirect mortgage reviews?
A: You can find firstdirect mortgage reviews online at various review sites such as Trustpilot, Which?, and MoneySavingExpert.
Q: Are firstdirect mortgages good?
A: Firstdirect mortgages are generally considered to be good. They offer competitive rates, a variety of products, and excellent customer service.
Q: Can I get a firstdirect mortgage if I’m self-employed?
A: Yes, firstdirect offers mortgages for self-employed individuals. You will need to provide proof of income and meet their lending criteria.
Q: How long does it take to get a firstdirect mortgage?
A: The time it takes to get a firstdirect mortgage varies depending on your individual circumstances. It can take anywhere from a few days to several weeks.
Q: Is it easy to apply for a firstdirect mortgage?
A: Yes, applying for a firstdirect mortgage is easy. You can apply online, over the phone, or in person at a branch.
Q: What is the minimum deposit required for a firstdirect mortgage?
A: The minimum deposit required for a firstdirect mortgage is 5% of the property’s value.
