When do mortgage lenders release mortgage funds

2020firsttimebuyer2020

Hi, we are FTB buyers simultaneously exchanging and completing on our new build property tomorrow (no chain) - eeek! 

I have had confirmation from our solicitor that our lender (Barclays) will release funds in readiness for completion on Friday. 

Will our lender send the funds today in readiness for tomorrow, or will they not send them until tomorrow?

The nerves are really kicking in now as its just a waiting game for us to get the call now, I just want everything to run smoothly! 

greatcrested

Might be today or tomorrow. But they do this all the time so though it's your first time (hence your nerves) it's all in a days work for them!

dimbo61

The lender will send the funds to your solicitor on Friday.
Each day it sits in the solicitors account it is costing you Interest !

2020firsttimebuyer2020

What time do they usually release the mortgage funds? Waiting on tender hooks today!!

PJBRFC

I can tell you now that when we sold our property last Friday our buyers solicitor received the funds on Thursday in preparation for Friday. It's relatively likely your funds were also received yesterday, as a safety net. Before our purchase fell through our solicitors paperwork informed us that draw down would be the day before completion and that interest would start from that day, but it would be safer than waiting for completion day. This may be because at the time we were the middle in a chain of three. 

Chavy89

2020firsttimebuyer2020 said:

What time do they usually release the mortgage funds? Waiting on tender hooks today!!

lol ill be in your boat next week so when you find out please post and let me know as im with Barclays aswell 

davidmcn

2020firsttimebuyer2020 said:

What time do they usually release the mortgage funds? Waiting on tender hooks today!!

Whenever you get to the top of the pile. Friday is busy. "Tenterhooks".

mcpitman

Give your solicitor a call/email this afternoon if you haven't heard anything.

Fear not, it will be in the solicitor and vendors best interest to complete the transaction too!

2020firsttimebuyer2020

PJBRFC said:

I can tell you now that when we sold our property last Friday our buyers solicitor received the funds on Thursday in preparation for Friday. It's relatively likely your funds were also received yesterday, as a safety net. Before our purchase fell through our solicitors paperwork informed us that draw down would be the day before completion and that interest would start from that day, but it would be safer than waiting for completion day. This may be because at the time we were the middle in a chain of three. 

I really hope thats the case! We aren’t in a chain fortunately. Ive not heard anything yet but hoping to soon!

iampetesmith

I still don't know whether ours were released the day before or on the day. All I know is that by around 11am, they'd paid for our house and were waiting for the vendor's solicitor to come out of a meeting to confirm they received it. A couple of hours later it was all confirmed, then we just waited for the vendor to finish packing stuff and drop the keys off to the estate agent. Because it was all done around lunchtime, we had some lunch at the mother in laws (who lives round the corner from the house we bought) then went and got the keys. So hopefully by the time you read this you'll be in...

Comms69

Anytime upto 5pm, realistically upto 4pm.