Time between mortgage offer and release of funds.

GrumpyTeacher

Hi all,

How long does it take for Santander to release the funds after an official mortgage offer? Passed through underwriters, valuation done etc.

Was previously mortgage free and now taken out mortgage against house to release some equity so no chains and it is secured against current house.

Using Santander's in house solicitors.

Thanks!

kingstreet

Funds will be released when the solicitor sends in the report on title, when a completion date has been agreed between all parties and contracts exchanged.

GrumpyTeacher

Thank you for your response, however...

There are no other parties. Its a mortgage on the current house which is currently mortgage free. So there won't be any exchange and there is only one solicitor involved. Does that make sense?

Emma

kingstreet

You mean it's a remortgage. Sorry for the mis-read.

In which case, the solicitor will send the report on title to the lender and request the funds when it is happy with its responsiblity to protect the lender's position by ensuring you have good title to a property which is mortgageable.

Unencumbered property will take longer than for existing mortgage case.

GrumpyTeacher

Thank you for your info- I had a feeling it might. I'm assuming this is because Santander are not currently associated with the property? I'm a total newbie when it comes to mortgages, sorry.

I know it's a "how long is a piece of string" question but would we be looking at weeks or months on average?

Emma

kingstreet

It's because no lender is currently associated with the property. Some lenders won't offer a remortgage on an unencumbered property at all.

The ones that will, often require the same kind of things you need for a purchase, such as local authority searches etc.

Could not possibly give you any realistic idea. Ask solicitor involved what they are upto...