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When do mortgage lenders release mortgage funds
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Just call them.0
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@2020firsttimebuyer2020
hey dont keep us in suspense how did it go? although im guessing the reason your not in here is because your busy moving in, in which case im very happy for you. so in the next couple of days when you got your feet up let us know how it all went0 -
any updates0
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FWIW, NatWest released our mortgage funds the day before completion (Thursday), so that the solicitor had the funds available for a completion as early as possible on the Friday1
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For those of you who have just completed, were there any extra checks made before release of funds? I'm thinking specifically in terms of proof that you haven't been furloughed - last months payslip etc? I'm about to get to the point of exchanging and just wondering if I need to prepare any extra documents, or if it all just sailed through without a blip?0
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Our funds were drawn down the day before completion (Nationwide) and I was shocked to have completed both sale and purchase by 11.30am! I hope yours went smoothly in the end OP.0
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Banks have been known to do a final credit check before they release there funds so as long as you haven't taken out any new lines of credit you should be ok.Windofchange said:For those of you who have just completed, were there any extra checks made before release of funds? I'm thinking specifically in terms of proof that you haven't been furloughed - last months payslip etc? I'm about to get to the point of exchanging and just wondering if I need to prepare any extra documents, or if it all just sailed through without a blip?
ive not heard of underwriters coming back asking for additional info after offer been made but im not a broker so cant be sure0 -
There is a duty to disclose changes in circumstances until completion has taken place. Lenders are re-underwriting cases where furlough has taken place and some borrowers may see offers reduced, or withdrawn altogether. As an example, Barclays is requiring us to upload a form confirming if any changes have taken place and if so, what they are. Other lenders are working from furlough pay and ignoring overtime, bonus, commission etc.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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so its now my turn to anxiously wait to hear back regarding money being released... so my solicitor has said the money should drop today even tho completion is tomorrow so if it does i will update you if and when that happens1
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My funds were released today and he got them this morning.
Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £56099
Cc around £32001
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