Originally Posted by Katerrrs
I'm wondering if anyone could advise - we're buying a showhouse, it's ready to go now, other than a few snags which the foreman has told us will be completed by Tuesday, and the developer has indicated that they want us to close within 2 weeks of contracts being exchanged (which happened on Friday 23/10/20).
We submitted our HTB claim on Friday night.
My question is how soon can we progress to mortgage drawdown - do we need to wait for the HTB to be verified by the developer or for the HTB funds to actually reach the developer's account before our solicitor can instruct the bank to proceed to mortgage drawdown? And how long does the drawdown process then typically take? We've a baby due in 5 weeks so starting to get a bit impatient and willing things to move as quickly as possible!
Many thanks for your advice
Hi Katters. To get the loan offer we had to supply the bank with the codes you get from HTB once the claim is verified.
With us we had to get a letter from the developer or the developers solicitor confirming they had received the funds before the bank would proceed to drawdown. They said the codes were not enough. Our broker said they were never asked for this before so it seems new.
This was not stipulated in the loan offer but was one of a few things that drew out the drawdown process.
We had a very quick turnaround. Eight weeks in total from when we submitted our mortgage application to closing the sale and the drawdown process for us was the longest.
Also had a few delays with the HTB, nothing serious but you really need to keep on top of them through My Enquireries. We found them very quick to get back. If you’ve just submitted your application keep a good eye for any extra info they are looking for.
Like you we are due a baby any day now so there was so much pressure to get it over the line. Best of luck with it all.