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Step 8 - Mortgage drawdown

How do you drawdown your mortgage?

Once you and the seller have signed contracts, the sale is now legally binding. At this point your solicitor will request the remaining funds from your lender, this is called drawing down the mortgage.

Before your lender can release the mortgage funds, both they and your solicitor will complete a number of final checks. These steps are important and even small issues can sometimes cause delays.

Insurance in place

Legal checks

  • Title deeds reviewed
  • Any issues with boundaries, maps or rights of way resolved
  • All compliance certificates for any work done on the property received

Valuation

  • Lender‑approved valuation completed and no issues flagged

Property checks

  • Structural survey completed and reviewed
  • Any follow‑up questions addressed
  • For new builds: snag list issues rectified by the builder
Top tip: Mortgage options – delayed payments
Some lenders may offer you a moratorium of up to three months before you start your mortgage repayments. Following the deferred period, your monthly repayment will typically be increased so that you pay off the mortgage within the original term. As a first-time buyer this moratorium may be helpful, but it is important to understand the conditions attached. 

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