Time required to receive mortgage funds - HSBC

blawford

I was wondering how much time it generally takes to drawdown mortgage funds?

We are waiting for one last somewhat simple query to be resolved and then should be in the position to exchange on a freehold property. My solicitors are telling me that once that query is resolved they have the certificate of title ready to be submitted to the lender and will request the drawdown of the funds, but from that point it will take 7 days to receive them.

I have spoken to my lender (HSBC) who said that although 7 days is what they state, it can actually be done much quicker than that. I told this to my solicitor and they said that it is always 7 days, almost no chance it will be quicker.

Anyone any experiences of wisdom to share on the matter?

Thanks.

davidmcn

Don't have recent experience of HSBC, but just about every other lender can do it faster than their stated turnaround time, some almost instantly.

blawford

The solicitors account is even with HSBC, so I would have thought it would be fairly quick, 7 days seems excessive in this day and age.

Anyone any specific experience with HSBC?

pinkteapot

We remortgaged to HSBC a couple of months ago. We went from filling in the mortgage application form to completion in less than two weeks!

I'm not sure at what point the solicitor requested the funds, but there was barely a week from our application being approved to completion, so it definitely didn't take a full 7 days!

Your completion date is set at exchange of contracts and your solicitor will work towards it. Do you want to complete quickly and has your solicitor said they can't meet it because of the drawdown time?

blawford

pinkteapot wrote: »

We remortgaged to HSBC a couple of months ago. We went from filling in the mortgage application form to completion in less than two weeks!

I'm not sure at what point the solicitor requested the funds, but there was barely a week from our application being approved to completion, so it definitely didn't take a full 7 days!

Your completion date is set at exchange of contracts and your solicitor will work towards it. Do you want to complete quickly and has your solicitor said they can't meet it because of the drawdown time?

We ideally wanted to complete this Friday but our solicitor is being very non-committal on dates at this point. She has said that we don't need to exchange before asking for funds to be drawn down and is definitely making out that drawdown time is the limiting factor once this last query is satisfied.

blawford

We have put in the certificate of title this morning requesting funds for Friday. I will update once we have a verdict so others may find this in the future.

blawford

Just for anyone else searching for this information, we submitted the certificate of title on Tuesday at 10:20AM, requesting completion for the same Friday (today). I spoke to them many times that day trying to get it bumped up the queue a bit and every time they were very helpful and seemed to think it wouldn't be an issue to turn things round that quickly.

When I called back first thing on Wednesday morning they confirmed relevant checks had been done and they would be able to provide funds for Friday, expected funds to be with my solicitors before they opened (said transfer would most likely be 5-6AM that morning).

Called them this morning at 8AM and the transfer had happened as planned.