How Long Does It Take To Release Mortgage Funds – Explained.

How Long Does It Take To Release Mortgage Funds? The time it takes for mortgage funds to be released will depend on the lender and the type of mortgage, but on average, it can take between four and six weeks to release mortgage funds after the initial mortgage application has been made. Once your mortgage is approved and your solicitor requests the funds ahead of completion, the mortgage funds will usually arrive in your property conveyancer or solicitors account between 3 and 7 days later, ready for completion to take place.  

Unless you are a cash buyer when you are house hunting and in the market for a new home, one of the most important things to consider is when you will have access to your mortgage funds. How long does it take to release mortgage funds? Whilst this will vary by lender, you can read on for a general overview of the process so that you can plan accordingly

Mortgage Funds Release Process

Different lenders will have varying timelines and stages, but most mortgage applicants will go through the following stages ahead of having their mortgage funds released:

1) Pre-approval

At the start of the application process, most lenders require that prospective mortgage applicants are pre-approved for a mortgage based on the property purchase price and individual circumstances such as whether they are employed or self-employed. 

The pre-approval process generally takes around 2-3 business days following your initial consultation, but this may vary depending on the lender and you will need to provide proof of earnings and bank account statements at this stage, plus a soft credit check will be done.

If you are pre-approved by mortgage lenders, you will be sent a decision in principle from the lender which states that based on the information about your income and expenses that you have provided, they would offer you a mortgage loan of a certain amount. 

2) Underwriting

Once you have submitted a formal mortgage application, the underwriter will need to review your loan file and verify all of the information in more detail, including proof of funds, checking anti-money laundering regulations are met, ensuring that you can meet the mortgage repayments, and a hard credit check is performed. 

This process can take anywhere from 3 days to 6 weeks depending on the workload of the lender, or whether any red flags are found during the credit history or financial checks required for mortgage suitability to be assessed. If any issues come up, you may be asked for further documentation to support your application for the funds needed.

3) Mortgage Approval

After your loan has been approved and underwritten, you will hopefully have a formal mortgage offer and you can move to the exchange and completion phase of your purchase. If everything goes smoothly, your lender should be releasing funds within 4-6 weeks after applying but this typical process can get done quicker, or it can take longer, depending on the length of the property chain that you are in. 

If you have any questions about when your mortgage funds will be released, be sure to ask your lender. They’ll be able to give you more information on the release process and let you know exactly when you can expect to have access to your money.

At What Point In the Conveyancing Process Are The Funds Released?

Mortgage release timings can vary depending on the lender, so it’s important to check with your bank or building society to find out when you can expect to receive your money.

In most cases, the funds for a mortgage are typically released at the completion of the conveyancing process, or a few days earlier. Completion is when full cleared funds have been received and the title to the property is legally transferred from the seller to the buyer and the final balance of the purchase price is paid. 

If you need access to your money urgently, it’s worth asking your lender about their release timings to see if they can accommodate your needs.

In some cases, the lender may release the funds earlier to solicitors acting on your behalf, such as when the buyer has paid their deposit and all relevant searches have been conducted but it is more common for the funds to be released on or around completion. 

Conveyancing Process Overview: 

  • The first step is to appoint a conveyancer, who will handle the legal aspects of the transaction. 
  • The next step is to exchange contracts with the buyer or seller.
  • Once the contracts have been exchanged, the buyer will pay a deposit and the transaction will become legally binding. At this point, the conveyancer will notify your mortgage lender that you’re ready to complete. After releasing mortgage funds, a solicitor holds mortgage funds for a short period before completing the transaction. 
  • The final step is completed when the remaining balance is paid and ownership of the property is transferred. The balances owed may include stamp duty, solicitor fees payable, or additional fees for third-party disbursements. Mortgage funds are typically released at or just before completion so that all funds are available to complete the sale.

This ensures that all outstanding payments have been made and that there is no risk of the deal falling through at the last minute. If you are arranging a mortgage, it is important to check with your lender to find out when they will release the funds.

Mortgage Transfer Day

mortgage transfer day

When the conveyancing process is nearly complete and you have cleared deposit funds with your solicitor, the mortgage funds are typically released to the borrower’s conveyancer on the day of completion or a few days before. The completion date is when the purchase of the property is completed and full ownership is transferred to the buyer and a completion statement is issued showing the breakdown of the funds required to complete the sale. 

Ahead of the agreed completion date, your conveyancer will make contact with your lender to request the release of funds. Once requested, the funds can take between 3-7 days to reach the conveyancer’s accounts. Once there, there are time restrictions on how long they can stay there, so it’s important to ensure you are ready to complete the property transaction before requesting the funds to avoid unnecessary financial penalties or having to return the mortgage funds to the lender. 

On the transfer day, most mortgage lenders will electronically transfer the full mortgage amount to your conveyancer. On completion day, the conveyancer will then send the received mortgage funds to the seller’s solicitor. With faster payment transactions or CHAPS being used, the entire purchase price transfer usually takes place within a few hours, although it can sometimes take longer if there are any unexpected delays. 

Once the mortgage funds and any other amount due to make up the full payment property price have been sent to the seller’s solicitor, they will complete the process of legally transferring the property from one owner to the next. This signifies the end of a long process and at this point, the borrower is free to collect the keys and move into their new home.  

What Can Delay Funds Being Released?

Several things can delay mortgage funds being released by a lender. One of the most common is a problem with the property itself. If the appraiser finds repairs that need to be made before the loan can be approved, this can cause a delay. 

Another potential issue is a problem with the borrower’s credit history. If there are errors on the credit report, it can take time to get them corrected. In addition, if the borrower doesn’t have enough income to qualify for the loan, this can also cause a delay. 

Ultimately, it’s important to work closely with your lender to make sure that all of the necessary paperwork is in order before applying for a mortgage. This will help to ensure a smooth and efficient process.

Can You Speed Up The Process If You’re In A Hurry? 

The release of mortgage funds is one of the final steps in the conveyancing process. Once the contract has been signed and all conditions have been met, the lender will release the funds to the settlement agent. 

The settlement agent will then use the funds to pay off any outstanding debts on the property and register the title in the buyer’s name. In most cases, the whole process can be completed within a few weeks. However, delays can occur if there are any problems with the paperwork or if the lender needs to carry out further checks.

It’s not uncommon for homebuyers to want to speed up this process of receiving their mortgage funds. After all, the sooner the lender transfers the mortgage funds, the sooner you can complete and move into your new home. 

While there are some times that you can do to help speed up the overall conveyancing and mortgage release process, it’s important to keep in mind that there are also a number of factors that are beyond your control. 

Things That You Can Control

  • The conveyancing solicitor that you use – a good conveyancer can make a huge difference to the speed of your property transaction 
  • Be sure to gather all of the necessary documentation upfront. This includes things like your tax returns, pay stubs, and bank statements. Providing your lender with complete and accurate information will help to avoid delays.
  • Complete all of your paperwork as accurately and thoroughly as possible. Incomplete or inaccurate information will only delay the processing of your loan. 
  • Choosing a pro-active mortgage broker who can liaise with the lender on your behalf to keep processing on track 
  • Consider paying for an expedited shipping option when submitting your documents. This will help to ensure that your paperwork arrives promptly and doesn’t get lost in the mail.
  • Once you have provided proof of your funds and passed any money laundering checks by your solicitor, you should prepare your deposit funds into one account by bank transfer if it is spread across several savings accounts. This will allow you to transfer your deposit amount as soon as your loan is approved and contracts are exchanged. 
  • Try to be as flexible as possible when scheduling your closing date. The more flexible you are, the easier it will be to work around the schedules of everyone involved in the transaction.

By following these tips, you can help to ensure a smooth and speedy mortgage process.

Things That You Can’t Control

  • The lender’s and solicitors processing time and workload
  • The current market conditions can all impact how quickly you receive your mortgage funds

The Importance Of Choosing The Right Mortgage Broker

Choosing the right mortgage broker is crucial to ensuring a smooth and stress-free home buying experience. A mortgage broker can help you throughout the process of releasing the funds you need from your lender to purchase your dream home, and they can also offer guidance, support, and mortgage advice throughout the entire conveyancing process. 

With so much at stake, it’s important to choose a mortgage broker who you can trust. Look for someone with experience in the industry, and make sure they’re registered with the relevant professional bodies. 

Also, be sure to ask about any fees or charges before committing. By doing your research, asking for recommendations and looking at reviews, you can be sure of finding a mortgage broker who will work hard to get you the best deal possible whilst remaining friendly and approachable throughout. 

Can A Solicitor Speed Things Up?

The process of buying or selling a property can be complex and time-consuming. There is a lot of paperwork and legal processes involved, and it can be difficult to know where to start. 

A solicitor can help to make the process run more smoothly, by taking care of the legal side of things and dealing with the paperwork. They can also offer advice on the best way to proceed, and help to negotiate with the other party if necessary. 

As a result, using a solicitor can help to speed up the process and make it less stressful, but you must remember that they will be dealing with several clients at the same time, so their capacity to work faster may already be stretched depending on their caseload. 

Consequences Of Late Release of Mortgage Funds

If you are buying a property and your mortgage funds are released late, it can cause several problems. Firstly, it can cause delays in the completion of your purchase. This can be frustrating if you have already moved out of your previous home and are waiting to move into your new one. It can also cause problems if you have already arranged for removalists or to rent storage space. 

Secondly, the late release of mortgage funds can impact your relationship with the seller. If they are relying on the money from the sale to buy their property, they may be left in a difficult situation if the completion of your purchase is delayed by not having cleared funds. This could cause them to pull out of the sale, which would leave you back at the start of your search for a new home. 

Finally, the late release of mortgage funds can cause financial difficulties. If you have already paid for surveys and other associated costs, you may find yourself out of pocket if the completion of your purchase is delayed. You may also incur fines.  


The article discusses the different things that can impact the speed of a mortgage being released and offers tips on how to make the process run as smoothly as possible so you should now have a better understanding of how long it takes to release mortgage funds.

To recap, timing will depend on the lender and the type of mortgage, but on average, it can take between four and six weeks to release mortgage funds after the initial mortgage application has been made. Once funds are requested by your solicitor, the mortgage funds will usually arrive in their account between 3 and 7 days later, ready for completion to take place.  

Your choice of mortgage broker and lender will all have the biggest impact on the overall conveyancing process timeline outside of the property market itself but you should do all that you can to avoid unnecessary delays to get the quickest release of mortgage funds required.

This article is for general information only and is not intended to be advice for your specific situation. You should always seek professional financial advice when taking out a mortgage. 

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