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The Mortgage Completion is virtually the final stage within the mortgage process where all transactions regarding a mortgage are finalised and legal ownership of the property is transferred to the buyer.
Here we take a more detailed look at Mortgage Completion and explain exactly what is involved at the completion stage of a mortgage, how long a mortgage typically takes to complete, the timescale's of the various stages involved, and information as to how we can arrange a mortgage for you!
Table of Contents:
So, mortgage completion is pretty much the final stage of the mortgage process, and as such wraps up the procedure of buying a home or property. It's the point at which all transactions concerning the property to be purchased are completed, and legal ownership of that property finally transfers to the buyer, and the buyer can finally breathe a huge sigh of relief!
Contracts will have been exchanged, and the Mortgage Deed will have been signed by this point, and now it's all down to the solicitor.
At exchange of contracts the solicitor should have ensured that you have buildings insurance in place. The solicitor will also make sure that the formal mortgage contract (mortgage deed) is in place, and that cleared funds, which may include any mortgage deposit money that is required from you, as well as the funds from your mortgage lender are ready and available to enable the completion to take place on the date agreed between both parties for completion.
So, just exactly how long will it take for your mortgage to complete? Well, this can be dependent on a number of factors, but typically you can expect a mortgage to take somewhere between 6 to 10 weeks to complete, quite possibly a lot sooner if things go well, and maybe even slightly longer should any problems be encountered.
Delays can be caused by a variety of reasons and may include:
Yes, thats correct! Infact the most common reason for delays in the mortgage process is a property chain. If your house purchase transaction is involved in a chain, your completion could potentially be delayed. A property chain is a series of sale and purchase transactions on a number of houses that are all linked simultaneously.
For example, there may be four houses involved in a particular chain, and say for instance that you are at the bottom of this chain as a first time buyer with no property to sell. The sale and purchase of each property depends upon each party being in a position to complete on the same day.
So, when you have managed to find a house that you are happy with, you'll probably start to imagine yourself comfortably settled in with your furniture, possessions and your own taste in decor. However, it can feel like an eternity before you have your feet up on the settee to watch the television in front of the fire.
So what are the timescale's involved in mortgage completion? Well, as we mentioned above, its impossible to pinpoint specifically how long your mortgage will take to complete because of the various factors that can cause delays. We can however, give you a rough guideline of how long a mortgage will typically take to complete, and approximately how long each stage of the mortgage process may take if things go well.
From the point where the property seller accepts your offer, to the provision of mortgage offer from the lender may take around 4 weeks. From the point of mortgage offer from the lender to exchange of contracts can take an additional 4 weeks. From exchange of contracts to mortgage completion can take approximately another 2 weeks. Effectively this comes to around 10 weeks, but as we previously mentioned, a mortgage may complete a lot sooner, or later dependent on the various factors we have outlined.
If you are seeking a fast mortgage completion, Shire Direct will of course get into top gear! We will examine your circumstances and requirements, and ensure that all appropriate measures are taken to provide a speedy mortgage offer, and liaise with the solicitors to facilitate a readiness for completion at the earliest and most appropriate time.
Some people often feel like they have gone through a marathon when their mortgage has completed! Here at Shire Direct we try to make mortgage completion feel like a whole lot less of a marathon (or obstacle course even!) by making the mortgage process as simple, smooth and speedy as possible without cutting any corners.
Hopefully we've successfully managed to answer any questions you may have had regarding mortgage completion. So if you are looking for a mortgage and think we can help then why not get in touch with us? Our Freephone telephone line 08000 282 281 is open between 8am and 10pm everyday, including weekends, and you can enquire online anytime you like! We'd love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Over £2,000 worth of Argos Vouchers to be won in the Shire Direct Grand Prize Draw 2008! Terms and conditions apply - please read article for full details.
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
