When does the clock start ticking?

southofthelee · 2023-02-16 20:54:16

Hey, When does the mortgage term start; from drawdown date (I.e funds remitted from bank to solicitor) OR from close date (keys in hand of purchaser, funds with vendor’s solicitor). Thanks ! And Good Luck out there !

16-02-2023 09:54PM

#1

southofthelee

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Hey,
When does the mortgage term start; from drawdown date (I.e funds remitted from bank to solicitor) OR from close date (keys in hand of purchaser, funds with vendor’s solicitor).
Thanks ! And Good Luck out there !

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#2 16-02-2023 09:55PM

thegame983

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drawdown

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#3 16-02-2023 11:13PM

the_amazing_raisin

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Drawdown, but they should all happen within a couple of days in theory. I think the day I drew down the mortgage I had the keys, but it depends on the solicitor to a large extent
I think most banks give you the first month "free". So if you drawdown on the 14th February, your first payment will be 1st April instead of 1st March

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