Mortgage issues 2 days before completion

[Songbird54321]

We are due to complete on our house sale & purchase this Thursday (only decided a week ago).
Today our mortgage lender advised us that due to a 'system error' they could not port our mortgage and they would need to do it tomorrow, the day before completion. They are saying this is not an issue as funds can be requested by our solicitor and transferred same day but the solicitor is saying this not usual practice and not 'sensible'.

We are now extremely stressed that completion won't happen on Thursday, we have paid deposits on removal men, packed up the whole house, sorted utilities changing over etc and have no idea what's happening.

Does anyone have any experience and can put our minds at ease?

It feels quite hopeless at the moment.

I think it will be ok

I’m afraid I have no experience but understand your stress.

But I don’t know what choice you have other than to go with it and hope for the best. Presumably the mortgage company do feel as if this is something that can happen?

We exchanged and completed on the same day so I can't imagine why yours wouldn't work

My MIL is a mortgage advisor and seems to think funds can be sent within an hour of being requested, it’s more our solicitors stance on it that's worrying us. Basically saying we should delay completion (a date she agreed with the rest of the chain before actually speaking to us but that's a whole other problem).

I am trying to remain positive that it's only one more day and hopefully sorted but was already not sleeping well with the stress. I don't think I'll sleep at all tonight.

I'm not built for moving house, it's way harder than I thought it would be!

I think it will be fine. We exchanged and completed same day twice on either end of the sale/purchase and it was fine. But I understand the stress I think I aged 10 years buying this house

You don’t have any choice but to trust your lender but in my experience, solicitors are extremely risk adverse and always point out what could go wrong even if it’s a 1 in a million chance.

You’ll sleep better tomorrow night I’m sure. Unless worrying about a different issue!

We ported a mortgage. As far as I understood, it all happened on completion day and not before. If you’re porting then presumably you’re selling and buying at the same time? I’m not sure I actually understand how that could happen earlier on!

Our buyer was bottom of the chain, so their money (deposit + mortgage) kicked off the process.

Our mortgage lender then opened our new mortgage - which is split into two as we ported our existing borrowing and rate, and borrowed a bit more at a new rate.

At this point the old mortgage was still open and it was a bit terrifying seeing them all open at once as it made it look like we owed twice as much!

Then the old mortgage closed and we couldn’t see it any more.

So all the money actually moved on the day, although I assume things had to be ready behind the scenes.

I don’t think you should delay completion because you have exchanged and may be liable to pay fees if you delay things. I would also not trust the word of someone who agreed a completion date without checking with you first over your lender. Hopefully it will be fine!

Well our mortgage issue is sorted so we are set for tomorrow but due to a solicitor up the chain being in a meeting this afternoon contracts were not exchanged so we are doing a simultaneous exchange and completion.
My nerves are shot but I am very much resigned to it being out of our control now and only 24 more hours to go til the shitshow is over one way or another!

Have faith @Songbird54321

It worked out today and it will work out tomorrow.

Oh good luck @Songbird54321 , I'm sure it will all work out fine, but until totally get your stress having just moved 2 weeks ago!