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A Telegraphic Transfer (also known as a Telegraphic Money Transfer) is a banking facility which transfers money (usually) from a business account, to a customer's account on a same day basis, and upon which the recipient is able to draw cash immediately as the money is treated as "cleared funds".
On this page, we take a look at Telegraphic Transfers and how they work, along with their role in the mortgage process. We also provide further details of how we can help with a mortgage or remortgage even in the trickiest of circumstances.
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So, a Telegraphic Transfer then is a type of banking facility which enables the transfer of money from a business account to a customers account on the same day of the transaction thus enabling the customer to immediately draw upon the available cash as it would be treated and classed as "cleared funds".
At the end of the mortgage process, Solicitors will need to collect monies from lenders in order to complete the purchase on behalf of their clients. Generally, Solicitors will request "cleared funds" from the lender to be in their account the day prior to the completion date in order to satisfy themselves that the appropriate funds will be available at the open of business on the day of mortgage completion.
The same principle applies to remortgage transactions, and once again the Solicitor will request funds to arrive the day before the remortgage takes place in order that they may discharge the old mortgage in accordance with the new lender's instructions.
Customers are also able to request that any residue of money to which they are entitled to from the proceeds of their mortgage transaction, is paid to them by Telegraphic Transfer on the day of completion. This will ensure the customer is in receipt of "cleared funds" on the same day.
However, lenders and banks do make a charge for this facility, and this fee, depending on the lender, is usually between £20 and £50. Fees paid out by the Solicitor on the customer's behalf will be accounted for on the Solicitor's Completion Statement, and will be deducted from the proceeds due to his client.
Although this is your Solicitors responsibility, we will ensure that your wishes and instructions are made known to them.
If you don't have a Solicitor, and would like details of our panel solicitor, please don't hesitate to Contact Us. In the case of a remortgage, we can arrange an all-encompassing fixed fee arrangement at a very competitive price. For sale and purchase transactions, similarly fixed fee legal costs are available, to which is added VAT plus disbursements.
So, if you're looking into the possibility of buying a property, or maybe remortgaging your present home, and you require some help and advice, please remember our qualified Mortgage Advisors are available to discuss the options open to you. We'll carefully assess your needs, requirements and circumstances, along with your aspirations. We will then come up with a solution that we believe to be the most appropriate for you.
Give us a call today on Freephone 08000 282 281 (our lines are open until 10.00pm everyday, including weekends), or you can enquire online at any time. We assure you of a warm friendly welcome, and a non-judgmental sympathetic ear - we can often help with a mortgage or remortgage even in the trickiest of circumstances!
We hope we've been able to answer your questions regarding Telegraphic Transfers. Why not take five or ten minutes out and have a look at the wealth of useful and beneficial mortgage and remortgage information throughout our site, and remember if you think we can be of assistance with a mortgage or remortgage then we would absolutely 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!
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.
