Mortgage Start Date?

mh1971

Hi. Does anyone know if a mortgage starts when the monies are released to the solicitor or when the sale has actually completed? Basically due to an oversight on my solicitors behalf the monies were released a week earlier from when we completed. I understand we are charged interest from when the monies are released but if the mortgage starts that day too then i dont think that will be a problem. But if we are charged interest from when the monies are released but the mortgage does not start til we complete a week later, then this will be a problem. We are on a 2 year deal so will the deal be up for renewal on the 14 August 2017 (from when the monies were released) or on the 21 August 2017 (when the sale completed)? Any help is much appreciated.

lee111s

It's when the funds leave the lenders account. They start charging interest as soon as they don't have it

You'd need to speak to your lender to find out the mortage end date.