We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
How mortgage works with newbuilts?
nkomp18
Posts: 193 Forumite
Hi all,
I have a mortgage offer from Halifax and my solicitor for a new built has it too.
Can someone explain how the process works with new builts? I will receive a notice to complete on the 10th of September and then on the 24th the funds need to be with the developer.
Most of the money I have in cash, but not sure when the small mortgage will start. Does it get disbursed on the 10th or on the 24th or somewhere in between?
As I understand it, it's something my solicitor will sort out but I am trying to see if there is something I should be aware of, that could possibly go wrong.
For example, I've been reading about mortgage disbursals taking up to 7 days to happen. Obviously that can be an issue if the 24th deadline isn't met. Secondly, I worry about a potential second credit check because between the 10th and the 24th I am travelling and without a home. I know I am being paranoid, but please enlighten me. Thanks
I have a mortgage offer from Halifax and my solicitor for a new built has it too.
Can someone explain how the process works with new builts? I will receive a notice to complete on the 10th of September and then on the 24th the funds need to be with the developer.
Most of the money I have in cash, but not sure when the small mortgage will start. Does it get disbursed on the 10th or on the 24th or somewhere in between?
As I understand it, it's something my solicitor will sort out but I am trying to see if there is something I should be aware of, that could possibly go wrong.
For example, I've been reading about mortgage disbursals taking up to 7 days to happen. Obviously that can be an issue if the 24th deadline isn't met. Secondly, I worry about a potential second credit check because between the 10th and the 24th I am travelling and without a home. I know I am being paranoid, but please enlighten me. Thanks
0
Comments
-
Your solicitor will request funds from your mortgage lender prior to completion date. Think ours was a couple of days before completion.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards