Completion date & mortgage expiry - how close is too close?

[Al991]

In the process of setting a long stop date for house I’m buying. Won’t go into detail except to say it’s been a nightmare.

Mortgage expires on the 15th of the month. There should be 15 day grace period after expiry.

Is there a risk to setting completion date too close to mortgage expiry? Should it be a certain amount of time in advance and what is the reason for this? Thank you.

We completed on the same day that our buyers' mortgage offer expired, having exchanged a week before. Iirc our solicitor wasn't concerned because she could see that the mortgage company had released the funds before exchange.

@Reallybadidea sorry if I’m being dim but how could the mortgage company have released funds prior to exchange?

No idea, perhaps it was at exchange, but certainly the solicitor thought that as long as we'd got enough time between starting to draw down the money and completion, that there would be no issue. Maybe speak with your solicitor? Ours was reassuring about it.