When is "completion of the mortgage"?

Valexys

Hi,

I just got keys to my new home on 1st April, and as part of my 2-year fixed deal with Skipton Building Society, I got a £1,000 cashback incentive which states: ""You will receive a cashback of £1000 15 days following completion of the mortgage. The funds will be sent to your direct debit account."

I'm not sure what they mean by completion of the mortgage. Is this when I have paid my full mortgage in 30 years time? Does it mean at the end of the 2-year fixed deal? Or does it mean when funds were sent to my solicitor i.e. moving day (1st April)?

I'm just trying to figure out when I can expert to receive the cashback... 

Thanks

user1977

Your mortgage completed simultaneously with completion of your purchase - so 1 April.

tab99uk

will i be get a incentive to got my mortgage with skipton to on 9th December but not completed yet

dunstonh

I'm not sure what they mean by completion of the mortgage.

Completion is the term used when the house becomes yours.  i.e. initially you exchange contracts and then you complete the purchase.  The mortgage is advanced at that point.

So, when it says completion, it means the day the house became yours.

K_S

tab99uk said:

will i be get a incentive to got my mortgage with skipton to on 9th December but not completed yet

@tab99uk If you can locate your Skipton mortgage offer (should be in your email or sent to you by post), it'll have an illustration attached to it. Section 9 of the illustration (titled flexible features) will have the details of the cashback if your product comes with one.

If there's nothing there, then your product probably doesn't come with any cashback incentive.

housebuyer143

It will be the day Skipton sent the money to your solicitor, not the day you actually completed. They deem completion to be the former.

Valexys

Thanks, the money went to my solicitor on 1st April, which is also the day they sent it to Taylor Wimpey and when I got my keys.

The strange thing is that 15 days have now passed (it would have been 16th April) and I haven't received anything - I'm wondering if it's because of the bank holidays which might affect this? Maybe it meant 15 working days, but it doesn't specify that, just "15 days following completion"...

user1977

I would interpret 15 days as meaning calendar days, not banking days. Maybe wait until tomorrow and see if it turns up? The last banking day was Thursday.

K_S

Valexys said:

Thanks, the money went to my solicitor on 1st April, which is also the day they sent it to Taylor Wimpey and when I got my keys.

The strange thing is that 15 days have now passed (it would have been 16th April) and I haven't received anything - I'm wondering if it's because of the bank holidays which might affect this? Maybe it meant 15 working days, but it doesn't specify that, just "15 days following completion"...

@valexys I wouldn't stress too much about it, never had a Skipton client complain that they didn't receive the cashback. Perhaps give it until the end of the week and then give Skipton (if direct) or your broker a call.

Valexys

Thanks all, confirming I got the money through on day 18!