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Question: 10.6. How long can I hold the mortgage advance before returning it?
| Lender | Answer |
|---|---|
| Accord Mortgages Ltd |
See 10.3. |
| Atom Bank plc |
One day, unless the new completion date is within 3 working days of the original, you have advised us of this and supplied a revised CoT. You should also make the borrower aware that interest may be incurred on the advance. |
| Aviva Equity Release UK Ltd |
2 days |
| Bank of Ireland (UK) plc |
1 working day unless we agree otherwise. |
| Bank of Ireland as Bank of Ireland Mortgages |
1 working day unless we agree otherwise. |
| Bank of Scotland Beginning A |
5 working days. However,if completion is delayed and we do not receive the returned funds by close of business on the fourth working day after the date of completion stated in the Certificate of Title, we will charge you interest on the advance amount (see 10.7). |
| Bank of Scotland Beginning O |
3 working days |
| Barclays Bank UK PLC |
48 hours |
| Birmingham Midshires | One working day. |
| Bradford & Bingley Limited |
The advance is to be returned if completion is delayed for more than 5 working days. |
| Britannia, a trading name of The Co-operative Bank plc | Please refer to the covering letter sent with the mortgage offer for specific details |
| Chelsea Building Society (a trading name of Yorkshire BS) | See 10.3. |
| CHL Mortgages |
7 days, but interest is charged to the mortgage account from the day funds are released. |
| Co-operative Bank plc | Three working days. |
| Coventry Building Society |
Funds must be returned as soon as the delay becomes apparent, in order to avoid any interest charges. Please see section 'DELAYED COMPLETION AND RETURN OF FUNDS' in the instruction letter. |
| Danske Bank | Between 48 - 72 hours |
| DB UK Bank Ltd | 5 working days |
| Ecology Building Society |
3 days |
| First Direct | Three working days |
| First Trust Bank | 7 working days |
| GE Money Home Lending Ltd | GE Money Home Lending has withdrawn from the UK mortgage market. |
| Godiva Mortgages Ltd |
Funds must be returned as soon as the delay becomes apparent, in order to avoid any interest charges. Please see section 'DELAYED COMPLETION AND RETURN OF FUNDS' in the instruction letter. |
| Halifax | One working day. |
| Halifax Loans Ltd | 5 working days. |
| Hampden & Co. plc | |
| HSBC UK Bank plc | Three working days |
| HSMS | |
| Intelligent Finance | 7 days. |
| ITL Mortgages |
Funds must be returned as soon as the delay becomes apparent, in order to avoid any interest charges. Please see section 'DELAYED COMPLETION AND RETURN OF FUNDS' in the instruction letter. |
| Kensington Mortgage Company Ltd | You can hold the funds for a maximum of 5 working days. |
| Landmark Mortgages Limited |
Please contact us. If completion has not taken place within 24 hours of the completion date specified in the certificate of title funds must be returned to us. |
| Leeds Building Society | Please see 10.3. |
| Lloyds Bank plc | 1 working day. |
| Lloyds TSB Scotland plc | 1 working day |
| M&S Bank | Three working days |
| Mortgage Express |
The advance is to be returned if completion is delayed for more than 5 working days. |
| Mortgage Express (No 2) |
The advance is to be returned if completion is delayed for more than 5 working days. |
| National Westminster Bank plc | See 10.3 above |
| Nationwide Building Society |
The advance must be returned within 3 working days of issue (unless we agree to longer). If funds are not returned within the timescales above it can result in the customer incurring charges and interest on their mortgage account. Please refer to 10.3 for more information on how to return funds. |
| New Street Mortgages | You can hold the funds for a maximum 5 working days. |
| NRAM Ltd | Please contact us. If completion has not taken place within 24 hours of the completion date specified in the Certificate of Title, the funds must be returned to us. |
| Platform (a trading name of The Co-operative Bank p.l.c.) |
Three working days |
| Rooftop Mortgages Ltd |
2 working days |
| Sainsbury's Bank |
If completion is delayed, or going to be delayed, by more than 5 working days from the completion date given in your certificate of Title, the advance should be returned by same day CHAPS transfer (without deduction) to the following account: sort code 40-02-50 account number 11371266. Please also quote the customer’s mortgage account number with the transfer and the Sainsbury’s Bank Reference as notified in the remittance advice. |
| Santander UK plc | Refer to our Certificate of Title for all administrative arrangements. |
| Scottish Widows Bank | Two business days after the proposed completion date. |
| The Mortgage Business |
5 working days. However, if completion is delayed and we do not receive the returned funds by close of business on the fourth working day after the date of completion stated in the Certificate of Title, we will charge you interest on the advance amount (see 10.7). |
| The Royal Bank of Scotland plc |
See 10.3 above. |
| TSB Bank plc | 1 working day |
| UCB Home Loans Corporation Ltd |
The working day following the day the funds are transmitted to you unless completion is to occur within 7 days (see 10.3& 10.7). Should the delayed completion be scheduled to take place within 7 days of the advance being released, then the funds must be h |
| Ulster Bank |
See 10.3 above |
| Virgin Money | You can hold funds for up to 5 working days after the completion date specified in your certificate of title. If completion has not taken place by then, funds must be returned to us. |
| Yorkshire Building Society |
See 10.3. |