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How far in advance to request mortgage funds...TSB
finnmum
Posts: 25 Forumite
Hi all...
Hoping someone could offer a bit of reassurance on this situation.
A brief outline. We are currently in a house moving chain and were told week before last that everyone had their mortgage in place, searches all done and we were all good to exchange. A couple of enquiries needed tying up but nothing major. Aiming for completion on 7th Nov.
Then got a phone call on Monday to say someone had got wires crossed and the people at the bottom of our chain still do not have their mortgage offer in place :mad:
So the last five days has been a mad chase around of estate agents, solicitors, buyers, sellers etc trying to find out what the heck in going on.
Had a call yesterday tea time to say someone had finally spoke to the solicitor at the bottom of the chain (who seems a bit incompetent to me) who states the problem was TSB had misplaced the buyers payslips and needed them again before mortgage offer issued.
Why no one had picked up on that in the last six weeks is beyond me but anyway......
We have now been told it's all been sorted and the mortgage offer has been issued (please please please let this be the correct information we have been told this time).
Apparently everyone is still wanting to move on the 7th, us included. My solicitor has informed me that Tuesday will be the very last day for the buyers mortgage offer to land on their solicitors desk to leave enough time for mortgage funds to be requested in time for Friday.
Does Tuesday sound feasible? Isn't that cutting it way too fine? I was under the impression that 5 working days are needed? Anyone know how TSB work in realtion to time needed to release funds?
Obviously the main thing is the buyers have actually for their mortgage offer but ideally Friday 7th would be the ideal moving date as we have made arrangements etc thinking it would all be sorted.
Many thanks if you have got this far!
Hoping someone could offer a bit of reassurance on this situation.
A brief outline. We are currently in a house moving chain and were told week before last that everyone had their mortgage in place, searches all done and we were all good to exchange. A couple of enquiries needed tying up but nothing major. Aiming for completion on 7th Nov.
Then got a phone call on Monday to say someone had got wires crossed and the people at the bottom of our chain still do not have their mortgage offer in place :mad:
So the last five days has been a mad chase around of estate agents, solicitors, buyers, sellers etc trying to find out what the heck in going on.
Had a call yesterday tea time to say someone had finally spoke to the solicitor at the bottom of the chain (who seems a bit incompetent to me) who states the problem was TSB had misplaced the buyers payslips and needed them again before mortgage offer issued.
Why no one had picked up on that in the last six weeks is beyond me but anyway......
We have now been told it's all been sorted and the mortgage offer has been issued (please please please let this be the correct information we have been told this time).
Apparently everyone is still wanting to move on the 7th, us included. My solicitor has informed me that Tuesday will be the very last day for the buyers mortgage offer to land on their solicitors desk to leave enough time for mortgage funds to be requested in time for Friday.
Does Tuesday sound feasible? Isn't that cutting it way too fine? I was under the impression that 5 working days are needed? Anyone know how TSB work in realtion to time needed to release funds?
Obviously the main thing is the buyers have actually for their mortgage offer but ideally Friday 7th would be the ideal moving date as we have made arrangements etc thinking it would all be sorted.
Many thanks if you have got this far!
0
Comments
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TSB are a new lender so its difficult as they are no longer part of lloyds.
But funds can be requested and released on the same day - your solicitor is being wise though and trying to ensure its not all done last minute to try and reduce the chances of any delays.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Five working days notice is preferable but not essential.
Funds can be released on the same day if need be, though.Slummy mummy!0
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