Transfer of funds-mortgages

shannonb1

Hi, 

My fiance and I were meant to move into our home yesterday but covid has other ideas on our mortgage. A full mortgage application was sent in on Thursday and we are currently waiting to hear back from Nationwide. How long does it take from signing your mortgage deeds to having the funds transferred to the contractors solicitor? 

penners324

What does your lawyer say?

NatalieAGC

It can vary, chase them up!

I Found a house during lockdown ( wasn’t planning on buying) randomly offered end of may... accepted! 

Mortgage application submitted middle of June. 

Mortgage offer posted out 2nd  July 

I complete on Friday (17th July) it took around 28 days from mortgage application to Completion and under 7 weeks from house offer accepted! 

Solicitors emailed me Friday to say they requested funds from lender

I guess I landed lucky it’s by far the fastest house purchase I have ever had! 

Thrugelmir

shannonb1 said:

A full mortgage application was sent in on Thursday 

Going to be several weeks. If you've only just put a mortgage application in. 

davidmcn

shannonb1 said:

My fiance and I were meant to move into our home yesterday but covid has other ideas on our mortgage. A full mortgage application was sent in on Thursday and we are currently waiting to hear back from Nationwide. How long does it take from signing your mortgage deeds to having the funds transferred to the contractors solicitor? 

I think the timescale you're really interested in (because it's the one which takes the longest) is how long it will take for the Nationwide to consider your application and issue a mortgage offer. The date you sign the mortgage deed isn't really related to any part of the process, other than you'll need to have done it at some point before completion can happen.

After your solicitor has the mortgage offer, in theory funds could be with them the next day if everything else is in place.