Current account switching = bad rating?

PixelPound

"Completion" is when you have bought the house, So you have applied for Mortgage, then got an offer. Conveyancing starts and you will at some point sign contracts and exchange, you are now committed to buy. Finally completion happens when the mortgage company pay your solicitor and that is sent along with your deposit to sellers solicitor.

Dird

nic_c wrote: »

...

But it's completion of the mortgage application process, not of the mortgage. That's why "on commencement" is more appropriate unless they go with the longer "on completion of application process"
All that happens then is the mortgage commences & the bank owns the house

libf

When funds are released and you get the keys it's referred to as completion. The end of the mortgage is referred to as redemption.

PixelPound

Dird wrote: »

But it's completion of the mortgage application process, not of the mortgage. That's why "on commencement" is more appropriate unless they go with the longer "on completion of application process"
All that happens then is the mortgage commences & the bank owns the house

You own the house, the bank simply have a charge levied upon it, so it can't be sold whilst in place.

When I read into mortgage cash backs the cash is sent to the solicitor once your first instalment has been paid, so guess "on commencement" is a better term