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Question: 10.7. How long can you hold the mortgage advance before returning it?
| Lender | Answer |
|---|---|
| Accord Buy to Let |
See 10.4 |
| Accord Mortgages Ltd | See 10.4 |
| Adam & Company | See 10.4 |
| Adam & Company International |
Contact us for confirmation of relevant details at contact details set out at 1.11a |
| Aldermore Bank PLC | 3 working days. |
| Allied Irish Bank (GB), a trading name of AIB Group (UK) |
Within 48 hours. Refer to AIB Group (UK) plc, Central Securities (GB), 92 Anne Street, Belfast, BT1 3H |
| Atom Bank plc |
Funds must be returned as soon as you become aware that completion will not take place as scheduled and funds returned to Atom Bank within no more than one day. The only exception to this is where :- Completion is due to occur within three working days; and We have been advised of the delay by way of a revised COT confirming the new completion date; and You have confirmation from the customer that they understand interest will continue to be charged on the advance amount in line with their mortgage offer. Please notify Mortgage Completions Team when returning funds. We do not accept cheques. |
| Aviva Equity Release UK Ltd |
2 days. |
| Bank of China | Within one working day of the release funds |
| 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 10.8). |
| Bank of Scotland Beginning O |
3 working days. |
| Barclays Bank UK PLC |
48 hours |
| Birmingham Midshires | One working day. |
| Bluestone Mortgages | See 10.4. |
| 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 10.4. |
| Clydesdale Bank plc |
Please see section 10.4 |
| Co-operative Bank plc |
Three working days. |
| Coutts |
Contact us for confirmation of relevant details at contact details set out at 1.11a |
| Coventry Building Society |
Funds must be returned as soon as the delay is apparent in order to avoid any interest charges. See Section 'DELAYED COMPLETION AND RETURN OF FUNDS' in instruction letter. |
| Darlington Building Society | 7 days. |
| DB UK Bank Ltd | 5 working days |
| Ecology Building Society |
3 days |
| First Direct |
Three working days |
| Foundation Home Loans |
For the day of completion only. The mortgage advance needs to be returned to us immediately should completion not be effected. |
| Furness Building Society |
One working day. |
| 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 is apparent in order to avoid any interest charges. See Section 'DELAYED COMPLETION AND RETURN OF FUNDS' in instruction letter. |
| Halifax | One working day. |
| Halifax Loans Ltd |
5 working days. |
| Hampden & Co. plc | 1 working day. Advance to be returned by CHAPs. |
| Handelsbanken | Refer to Branch office instructing you. Each case will be treated individually depending on circumstances. |
| Hodge | Within 1 working day |
| Hodge Equity Release | Within 1 working day |
| HSBC UK Bank plc | Three working days |
| HSMS |
The advance is to be returned if completion is delayed for more than 5 working days. |
| Intelligent Finance |
7 days. |
| ITL Mortgages |
Funds must be returned as soon as the delay is apparent in order to avoid any interest charges. See Section 'DELAYED COMPLETION AND RETURN OF FUNDS' in instruction letter. |
| Kensington Mortgage Company Ltd |
You can hold the funds for a maximum 5 working days. |
| Landbay Partners Limited | For the day of completion only (without further specific permission) – contact legals@landbay.co.uk. |
| Landmark Mortgages Limited |
Please contact us: Porting Team Landmark Mortgages PO Box 656 Durham DH1 9LY OR Landmark Mortgages DX 727483, Sunderland 13 Tel: 0330 159 7172 |
| Leeds Building Society | See 10.4. |
| Legal & General Home Finance Ltd | You must notify us immediately if completion does not take place on the date notified to us. The full advance must be returned to us by CHAPs without deduction within one (1) day of completion, quoting the borrower name and account. |
| LendInvest | See 10.4 above. |
| LiveMore Capital | One working day |
| Lloyds Bank plc pre fixed 40 |
1 working day |
| Lloyds Bank plc pre fixed 50 | Not Applicable , funds to be returned by the customer as a capital repayment |
| Lloyds TSB Scotland plc |
1 working day. |
| M&S Bank | Three working days |
| Magellan Homeloans | Please refer to 10.4 |
| Masthaven Bank | See 10.4. |
| Metro Bank Plc | One day. You should advise us first as per 1.11 |
| Mortgage Agency Services | 5 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 10.4 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 10.4 for more information on how to return funds. |
| Nedbank Private Wealth Ltd | See 10.4 above |
| New Street Mortgages | 5 Working days |
| NRAM Ltd | Please contact us (details as at 1.11a) |
| Paragon Buy to Let Mortgages | Please see section 10.4. |
| Platform (a trading name of The Co-operative Bank p.l.c.) |
Three working days. |
| Precise Mortgages (Charter Court Financial Services Ltd) | If completion of the mortgage is delayed beyond the completion date stated in the Certificate of Title, you must take the following action. If you reasonably expect completion of the mortgage to occur within five working days of the date on which we issued the Advance to you (such period being the Advance Period), you may retain the Advance and hold it to our order until the earlier of (a) completion of the mortgage and (b) the expiry of the Advance Period. If the mortgage has not completed within the Advance Period or if at any time during the Advance Period you do not reasonably expect completion to occur within the Advance Period, you must return the Advance to us immediately. |
| Rooftop Mortgages Ltd |
2 working days |
| Sainsbury's Bank | The advance must be returned to us within 5 working days. |
| Santander UK plc |
Please refer to our Certificate of Title for all administrative arrangements. |
| Scottish Building Society |
2 working days |
| Scottish Widows Bank | Two business days after proposed completion date |
| Skipton Building Society | The mortgage advance must be returned within 1 working day. Please advise the Completions Team via LMS Secure Link when returning funds in case an imminent Direct Debit collection was triggered by the release of funds to you. |
| St James Place Bank |
7 days. |
| 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 Mortgage Lender Limited | The advance must be used on the completion date you have given to us or returned within 24 hrs. |
| The Mortgage Works |
3 working days. An administration fee will be payable when the funds are released for the new completion date. We will confirm the amount of the fee on receipt of the returned funds |
| The Royal Bank of Scotland plc | See 10.4 |
| The Royal Bank of Scotland plc Direct Line Mortgages |
See 10.4 above. |
| The Royal Bank of Scotland plc Direct Line One |
See 10.4 above. |
| The Royal Bank of Scotland plc First Active |
See 10.4 above. |
| The Royal Bank of Scotland plc Natwest one Account |
See 10.4 above. |
| The Royal Bank of Scotland plc One Account |
See 10.4 above. |
| The Royal Bank of Scotland plc Virgin One |
See 10.4 above. |
| Topaz Finance Ltd | If funds have been issued by CHAPS the next working day after issue. Otherwise within ten days by cheque. |
| TSB Bank plc | 1 working day. |
| UCB Home Loans Corporation Ltd |
3 working days. An administration fee will be payable when the funds are released for the new completion date. We will confirm the amount of the fee on receipt of the returned funds. |
| Ulster Bank |
See 10.4 above |
| Vida Homeloans | 3 working days. |
| 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. |
| Whistletree (a trading name of TSB Bank plc) |
Funds must be returned immediately if completion is to be delayed. Funds should be returned by telegraphic transfer to: For Whistletree (UKAR Legacy); Bank: NatWest Account Number 80142710 Sort Code 51-70-19 Reference: Port For Whistletree (Airdrie Savings Bank Legacy); Bank: NatWest Account Number 80149790 Sort Code 51-70-19 Reference: Port |
| Yorkshire Bank Home Loans Ltd | Please see section 10.4 |
| Yorkshire Building Society | See 10.4 |