Back to previous page
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 |
The Borrower (unless written instructions are received from the Borrower to release the retention monies to a third party) |
| Adam & Company International |
The Borrower (unless written instructions are received from the Borrower to release the retention monies to a third party) |
| 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 |
| Atom Bank plc |
Retentions will usually be released to the borrower's solicitor although we will consider releasing directly to the borrower in certain circumstances. If the mortgage is in arrears or default, the retention will not be released. |
| Aviva Equity Release UK Ltd | We do not make retentions or release the loan in instalments. |
| Bank of China |
Refer to us for details at contact mortgages@bank-of-china.com |
| Bank of Ireland (UK) plc |
Normally to you, the Conveyancer. However, if you have already submitted the title deeds to us then we will release any retention directly to the borrower. |
| Bank of Ireland as Bank of Ireland Mortgages |
Normally to you, the Conveyancer. However, if you have already submitted the title deeds to us then we will release any retention directly to the borrower. |
| Bank of Scotland Beginning A |
Nominated Solicitor or Borrower. |
| Bank of Scotland Beginning O |
Nominated Solicitor/Borrower. |
| Barclays Bank UK PLC | Borrower/Solicitor depending on circumstances |
| Birmingham Midshires | Funds will be released to the borrower |
| Bluestone Mortgages | The borrower(s), unless stated in the mortgage offer. |
| Bradford & Bingley Limited |
New Advances - Retention to you or borrower. Instalments to you or borrower on request. Further Advances - to you or borrower. |
| Britannia, a trading name of The Co-operative Bank plc |
Direct to the Borrower |
| 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. |
| 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 stated in the Mortgage Offer. |
| Coutts |
The Borrower (unless written instructions are received from the Borrower to release the retention monies to a third party) |
| Coventry Building Society |
First instalment to you. Subsequent releases to the borrower. |
| Darlington Building Society |
Solicitor/Borrower |
| DB UK Bank Ltd | Borrower or Solicitor as stated in the Mortgage Offer |
| Ecology Building Society |
Borrower (unless specified otherwise in the offer) |
| First Direct |
We will always release retentions to the borrower unless otherwise instructed. We do not offer instalment mortgages |
| 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. |
| Godiva Mortgages Ltd |
First instalment to you. Subsequent releases to the borrower. |
| Halifax |
Funds will be released to the borrower. |
| Halifax Loans Ltd |
Borrower. |
| Hampden & Co. plc | Refer to us for details. See 1.1 |
| Handelsbanken | Borrower/Solicitor depending upon circumstances. |
| Hodge | We no longer offer retentions. |
| Hodge Equity Release | We no longer offer retentions |
| HSBC UK Bank plc | We will always release retentions to the borrower unless otherwise instructed. We do not offer instalment mortgages |
| HSMS |
As 1.11a |
| Intelligent Finance |
Borrower |
| ITL Mortgages | First instalment to you. Subsequent releases to the borrower. |
| 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. |
| Landbay Partners Limited | Primary payment will be made to you. We will not make a retention in the normal course of business. |
| Landmark Mortgages Limited |
Solicitor only. |
| Leeds Building Society |
The borrower (see special conditions for instalments) |
| Legal & General Home Finance Ltd | Not applicable. Conditional retention's from the loan amount are not made. |
| LendInvest |
Primary payment will be made to the solicitor. LendInvest will not make a retention in the normal course of business. |
| LiveMore Capital | N/A. We do not hold part retentions. All monies will be sent to the conveyancer |
| Lloyds Bank plc pre fixed 40 | Not applicable |
| Lloyds Bank plc pre fixed 50 |
Customer's mortgage servicing account unless otherwise stated |
| Lloyds TSB Scotland plc |
Customer's mortgage servicing account unless otherwise stated |
| M&S Bank | we do not offer retentions or instalments |
| Magellan Homeloans | Acting solicitors |
| 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. |
| Mortgage Agency Services | The borrower, unless otherwise stated |
| Mortgage Express |
New Advances - Retention to you or borrower. Instalments to you or borrower on request. Further Advances - to you or borrower. |
| Mortgage Express No 2 |
New Advances - Retention to you or borrower. Instalments to you or borrower on request. Further Advances - to you or borrower. |
| National Westminster Bank plc | The Borrower (unless written instructions are received from the Borrower to release the retention monies to a third party) |
| 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 only |
| Paragon Buy to Let Mortgages | Borrower(s) or you depending on circumstances. |
| 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 Long Term mortgage facilities under these circumstances. For Short Term Lending, retentions or instalments of the advance will be released to the borrower. |
| Rooftop Mortgages Ltd |
The borrower, unless directed by the borrower to send to you |
| Sainsbury's Bank | The borrower or conveyancer 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 |
| Skipton Building Society | All retention monies will be paid directly to the borrower/s. |
| St James Place Bank |
Borrower. |
| The Mortgage Business |
Applicant |
| The Mortgage Lender Limited | Retentions remain under lender’s control until the repair work on the property has been completed. Retentions will then be released to you. The retention will not be released if the borrower is in default under their mortgage. |
| The Mortgage Works |
Up to £5,000 to Borrower, over £5,000 to solicitor |
| The Royal Bank of Scotland plc |
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 Direct Line Mortgages | |
| The Royal Bank of Scotland plc Direct Line One | |
| The Royal Bank of Scotland plc First Active | |
| The Royal Bank of Scotland plc Natwest one Account |
Not applicable |
| The Royal Bank of Scotland plc One Account |
Not applicable |
| The Royal Bank of Scotland plc Virgin One |
Not applicable |
| Topaz Finance Ltd | You |
| TSB Bank plc | Not applicable. |
| UCB Home Loans Corporation Ltd |
Up to £5,000 to borrower, over £5,000 to solicitor |
| 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 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. |