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Mortgage Drawdown

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  • 25-06-2018 5:17pm
    #1
    hello92
    Registered Users Posts: 18 ✭


    Hi - so myself & partner are in the closing stages of drawing down a mortgage with PTSB. Just a bit confused as our mortgage broker told us that the bank was ready to issue the funds on Friday but today our solicitor said there's a delay as the bank has our file in 'final review' - does anyone know if this is normal?
    Thanks
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    #2
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    Yes it's normal. I presume that your broker meant that all required documents had been sent to PTSB. But PTSB will still need to check all documents before issuing the mortgage monies. I'm hearing that PTSB are a bit slow at the moment. See https://www.askaboutmoney.com/threads/ptsb-draw-down-time.208705/


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    #3
    cosycosy
    Registered Users Posts: 22 ✭cosycosy


    Hi, Just wondering how long this 'final review' stage took and do you know what it involved? Do they run credit checks again etc?


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    #4
    Blanco100
    Registered Users Posts: 1,933 ✭✭✭Blanco100


    How can a bank reject you on drawdown when you have signed a legal agreement to purchase on the back of their approval letter?


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    #5
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    The final review is to confirm that all conditions of loan approval have been complied with and to check if all documents such as Mortgage Protection, Home Insurance, direct debit and legal documents are in order. Once confirmed funds should issue within 5 working days.


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    #6
    Teacher2007
    Registered Users Posts: 2 ✭Teacher2007


    We have just signed contracts on a house. We went sale agreed in May but between holidays of solicitor/engineer/vendor etc and having to chase up a couple of issues, it has taken until now for us to look for drawdown of funds. We are concerned however as our mortgage approval ends on January 6th. In the event that drawdown does not happen between now and January 6th, what becomes of our deposit?


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