Answers for England and Wales

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Question: 6.10.2. Who will the lender release any retentions (or instalments of the advance) to?

Lender Answer
Accord Buy to Let Any retention will be released to the borrower, unless we have written authority from the borrower to release it elsewhere. Instalments of the advance will be released to you.
Accord Mortgages Ltd Any retention will be released to the borrower, unless we have written authority from the borrower to release it elsewhere. Instalments of the advance will be released to you.
Adam & Company Refer to us for details. See 1.11

Adam & Company International Refer to us for details. See 1.11

Ahli United Bank (UK) plc Borrower, unless stipulated in the Mortgage Offer
Aldermore Bank PLC Borrower(s).
Allied Irish Bank (GB), a trading name of AIB Group (UK) Refer to AIB Group (UK) plc, Central Securities (GB), 92 Anne Street, Belfast, BT1 3H
April Mortgages No. April do not hold retentions or release funds in installments
Atom Bank plc It is not within our policy to make mortgage offers subject to retention, all offers will be made on the current value of the property with full funds release on completion.
Aviva Equity Release UK Ltd We do not make retentions.
Bank of China Refer to us for details at contact mortgages@bank-of-china.com
Bank of Ireland (UK) plc We no longer make retentions from the advance.
Bank of Ireland as Bank of Ireland Mortgages We no longer make retentions from the advance.
Bank of Scotland Beginning A Nominated Solicitor or Borrower
Bank of Scotland Beginning O Nominated Solicitor or Borrower
Bank of Scotland Private Banking  
Barclays Bank UK PLC Borrower/Conveyancer depending on circumstances
Barnsley Building Soc, a trading name Yorkshire Building Soc Any retention will be released to the borrower, unless we have written authority from the borrower to release it elsewhere. Instalments of the advance will be released to you.
Birmingham Bank All remediation must be completed satisfactorily before drawn down. Retentions are not accepted.
Birmingham Midshires Funds will be released to the borrower.
Bluestone Mortgages Bluestone do not hold retentions.
Bradford & Bingley Limited New Advances - Retention to you or borrower.
Instalments - to your or borrower on request. Further advances - to you or borrower
Britannia, a trading name of The Co-operative Bank plc Direct to the borrower
Buckinghamshire Building Society Direct to the borrower unless stated otherwise in the special conditions of the mortgage offer.
Chelsea Building Society (a trading name of Yorkshire BS) Any retention will be released to the borrower, unless we have written authority from the borrower to release it elsewhere. Instalments of the advance will be released to you.
CHL Mortgages Direct to the borrower unless stated otherwise in the special conditions of the mortgage offer.
Clydesdale Bank plc Retentions remain under lenders' control until the repair work on the property has been completed, when retentions are released directly to borrower(s).
Co-operative Bank plc Direct to the borrower(s), unless otherwise stared in the Mortgage Offer.
Coutts Refer to us for details. See 1.11
Coutts Finance Co Refer to us for details. See 1.11
Coventry Building Society First instalment to Society's Solicitor. Subsequent releases to the borrower.
Cynergy Bank The borrowers solicitors or we will consider releasing to customers account after completion.
Danske Bank The conveyancer
Darlington Building Society Solicitor or borrower. Refer to Customer Support Department, Principal Office for clarification.
DB UK Bank Ltd Borrower or Solicitor as stated in the Mortgage Offer
Dudley Building Society Borrowers
Ecology Building Society Borrower (unless stated otherwise in the offer)
Family Building Soc (a trading name of National Counties BS) Borrower, or to the conveyancer or other third party with the borrowers written authority.
First Direct We will release any retentions to the borrower unless otherwise instructed. We do not offer instalment mortgages
Fleet Mortgages Please contact us for confirmation in each case.
Foundation Home Loans After completion retentions will be released to the borrower.
Furness Building Society Usually to the solicitor, although we will consider releasing directly to borrowers subject to receiving the solicitor's written consent.
GE Money Home Lending Ltd GE Money Home Lending has withdrawn from the UK mortgage market.
Gen H We do not agree retentions of phased funds release.
Godiva Mortgages Ltd First instalment to Company's Solicitor. Subsequent releases to the borrower.
Habito Borrower/Conveyancer depending on circumstances
Halifax Funds will be released to the borrower.
Halifax Loans Ltd Borrower
Hampden & Co. plc Refer to us for details. See 1.11.
Handelsbanken Borrower/Solicitor depending upon circumstances.
Harpenden Building Society Original solicitor or direct to the Borrower(unless written instructions are received from the Borrower to release the retention monies to a third party).
Hinckley and Rugby Building Society To the borrower, unless otherwise agreed.
Hodge We no longer offer retentions.
Hodge Equity Release We no longer offer retentions
Holmesdale Building Society solicitor acting- first release, then borrower for second and subsequent.
HSBC UK Bank plc We will release any retentions to the borrower unless otherwise instructed. We do not offer instalment mortgages
Intelligent Finance Borrower
Investec Bank plc Usually direct to the client, but please see the offer for more details.
ITL Mortgages Company's Solicitor
JPMorgan Chase Bank, N.A. The Borrower(s) unless otherwise stated in the Mortgage Offer.
Kensington Mortgage Company Ltd Retentions will be released to the borrower's Solicitors unless otherwise arranged. The retention can be released directly to the borrower if so arranged. The retention will not be released if the borrower is in default under their mortgage.
Kent Reliance (a trading name of OneSavings Bank plc) Borrower(s)
Keystone Property Finance N/A
Landbay Partners Limited We will not permit completion of a case where there is a retention in place. The mortgage offer will detail any specific requirements.
Landmark Mortgages Limited Solicitor/Licensed Conveyancer only.
Leeds Building Society The borrower (see Special Conditions for instalments in the mortgage offer).
Legal & General Home Finance Ltd Not applicable. Conditional retentions from the loan amount are not made.
LendInvest LendInvest do not offer retention
LiveMore Capital N/A. We do not hold part retentions. All monies will be sent to the conveyancer
Lloyds Bank plc pre fixed 20/40 Not applicable.
Lloyds Bank plc pre fixed 50/30/77 Not applicable.
Lloyds TSB Scotland plc Not applicable.
M&S Bank We do not offer retention or instalment mortgages
Magellan Homeloans Acting solicitors
Manchester Building Society Borrower.
Market Harborough Building Society Borrower
Masthaven Bank The Borrower(s), unless otherwise stated in the Mortgage Offer.
Metro Bank plc Retentions will usually be released to the borrower's solicitor although we will consider releasing directly to the borrower. The retention will not be released if the borrower is in default or in arrears under their mortgage.
ModaMortgages Retentions are not normally acceptable, and lending must be based on the current value of the property, which must represent suitable security at the time of completion.
Molo Finance N/A - we do not hold retentions.
Monmouthshire Building Society Borrower unless otherwise instructed.
Mortgage Agency Services The borrower unless otherwise stated in the Mortgage offer
Mortgage Express New Advances - Retention to you or borrower. Instalments to your or borrower on request. Further advances - to you or borrower
Mortgage Express No 2  
MPowered Mortgages N/A
National Counties Building Society Borrower; or to the conveyancer or other third party with the borrowers written authority.
National Westminster Bank plc The borrower
Nationwide Building Society Borrower(s)
Nedbank Private Wealth Ltd Any retention will be released to you.
New Street Mortgages N/A. New Street will not hold retentions or release funds in stages
NRAM Ltd Solicitor/Licensed Conveyancer only.
Paragon Buy to Let Mortgages Borrower, or you, depending on circumstances.
Paragon Residential Owner-Occupied Mortgages Borrower, or you, depending on circumstances.
Paratus AMC Ltd After completion retentions will be released to the borrower.
Parity Trust Borrower (unless stated otherwise in the offer)
Pepper Money Pepper Money will not hold retentions and do not lend in these circumstances.
Pepper Money (PUK) Pepper Money will not hold retentions and do not lend in these circumstances.
Perenna Perenna does not offer retentions or instalments on the advance.
Platform (a trading name of The Co-operative Bank p.l.c.) The Borrower(s) unless otherwise stated in the Mortgage Offer.
Precise Mortgages (Charter Court Financial Services Ltd) We do not lend Residential or Buy-to-Let mortgage facilities under these circumstances.

For Bridging Lending, retentions or instalments of the advance will be released to the borrower.
Principality Building Society You
Reliance Bank Ltd Refer to Commercial Team
Rooftop Mortgages Ltd The borrower, unless directed by the borrower to send to you.
Saffron Building Society Borrower only.
Sainsbury's Bank The borrower or you, depending on circumstances.
Santander UK plc The Borrower.
Scottish Building Society Retentions - borrower(s) unless otherwise instructed
Self-build - the first instalment is issued to the solicitor and subsequent instalments issued to the borrower(s) unless otherwise instructed.
Scottish Widows Bank The solicitor acting on our behalf.
Secure Trust Bank PLC Borrower(s)
Skipton Building Society All retention monies will be paid directly to the borrower/s.
St James Place Bank Borrower.
State Bank of India UK We do not offer retentions.
Swansea Building Society Conveyancer or Borrower direct.
The Mortgage Business Borrower or conveyancer (as specified in the mortgage offer)
The Mortgage Lender Limited Please contact us for confirmation in each case.
The Mortgage Works Solicitor/Licensed Conveyancer
The Royal Bank of Scotland plc The Borrower.
The Royal Bank of Scotland plc Direct Line Mortgages The Borrower.
The Royal Bank of Scotland plc Direct Line One The Borrower (unless written instructions are received from the Borrower to release the retention monies to a third party).
The Royal Bank of Scotland plc First Active The Borrower.
The Royal Bank of Scotland plc Natwest one Account The Borrower.
The Royal Bank of Scotland plc One Account The Borrower.
The Royal Bank of Scotland plc Virgin One The Borrower.
The Tipton & Coseley Building Society Road agreeents etc - Solicitors; Repairs/improvements - generally Borrowers.
Together Personal Finance Limited We do not consider retentions or stage advances.
Topaz Finance Ltd You.
TSB Bank plc Not applicable.
Ulster Bank The Borrower (unless written instructions are received from the Borrower to release the retention monies to a third party).
Vida Homeloans Vida Homeloans will not accept part retentions. All monies to be sent to the solicitor.
Virgin Money The Law Firm only.
Whistletree (a trading name of TSB Bank plc) Solicitor/Licensed Conveyancer only
Yorkshire Bank Home Loans Ltd Retentions remain under lenders' control until the repair work on the property has been completed, when retentions are released directly to borrower(s).
Yorkshire Building Society Any retention will be released to the borrower, unless we have written authority from the borrower to release it elsewhere. Instalments of the advance will be released to you.
Zephyr Homeloans You.