How long from mortgage approval to cheque?

[Muffinb]

Just wondering if anyone remembers how long it takes from the time to get final mortgage approval and the cheques is lodged into your account.

I did this 2 years ago, remortgaging now. Am just waiting of company to finalise the remaining bits but have provisional approval. I know the stuff has to go fomr underwriters to solicitors and back again to mortgage company.

Any rough ideas?? Presuming my mortgage company and solictor don't dilly dally and all goes smoothly. Best and worse case senarios???

Thanks
Muffinb

 

[Hel_n]

Re: How long from mortgage approval to cheque??

You should go about arranging your insurances between now and getting your loan offer/formal approval so that they are ready to go when you need them. Once you have received the loan offer you will need to sign it with your solicitor and return it to the lender. You will also need to submit insurance policies and fulfil any special requirements if applicable. On receipt of these the lender usually issues the cheque to your solicitor within 2-3 days. This stage can be done in as little as a week, all going well. Your solicitor will then redeem your existing mortgage and loans (again, if applicale) and return the balance to you. This stage depends on how quickly your solicitor acts but assuming they have up to date redemption figures etc it should take about a week also.