Hi everyone, curious to hear if anyone is experiencing lengthy delays on mortgage drawdown. We're due to close a sale at the end of next week, and my solicitor is requesting funds today.
Our AIB mortgage advisor emailed late yesterday to say processing of drawdown requests has gone from 3 days to 10, which makes next week a challenge.
We had previously been advised to request funds a week ahead of the close, but it looks like the delay has doubled.
Anyone else experiencing this?
My buyer had major delays with AIB....they set closing date of 30th July in the first week of July but only got drawdown yesterday and it won't actually be with my solicitor until next week!
My solicitor is advising drawdowns are taking up to 2 weeks from some banks at the minute. We’re hoping to close in early September and he requested our drawdown yesterday.
Thanks for the replies. The lenders started working on the file on Thursday, and they seem confident the funds will issue next week.
Our mortgage advisor has been exceptional so far, so fingers crossed.
we've been advised the same, 2 weeks to drawdown... it's been such a long process so far.
Any idea what drawdown time is with KBC currently?
It seems that some financial institutions such as insurance companies have cashflow issues at the moment. Some are not releasing money when they should. Given the negative interest regime, one would think they would be anxious to release it. if they had it.
I’m not sure cash flow is an issue here. It is costing Banks massive money holding high amount of cash so they are definitely keen to release it. The issue is more in the capacity of their operations team. High volume of loan applications and loan drawdown are currently creating bottleneck on this particular Team. What was 5-10 days process before became a 20-day process now. This was worse during the summer when many staff are taking summer annual leave. Hopefully that will be addressed as summer holidays are over and some Banks (ones that are not exiting) have increased their operation resources.
I have been hearing that insurance companies can't won't write cheque st at the moment. It is hardly a co-incidence.
Looks like BOI are deliberately slowing down our draw down. Drip feeding us documentation one item at a time.
Why can’t they write cheque? Surely if they have credit balance in the Bank they can write cheque. Can’t connect that issue with Bank’s ability to drawdown a loan.
The banks aren’t writing cheques for mortgages, all transfers are done by EFT. All financial institutions are moving away from cheque payments because they are inefficient and have a higher fraud risk. Insurance companies have reserves and reinsurance in place to pay out claims, if they aren’t issuing cheques it’s probably because they don’t have staff in the office to physically print the cheque.
I was using writing cheques in the figurative sense. I might just as well have said making payments out.
Drawn down with Permanent TSB last month, no delays at all. They do require 'covid documentation' mainly just as you're moving to draw down they want to check again your accounts and more recent payslips confirm you're still in the same position as you were job and savings wise. I think all banks do that now? That will delay you a week or two if you're not proactive.
How long should it take to go sold from sale agreed, for a first time buyer of a vacant second hand property?
It took exactly 3 weeks between AIB receiving a request and releasing a drawndown of €30,000 recently. Luckily our builder was understanding and not at all surprised by this.
3 weeks!! Oh my that's pretty bad isn't it
Solicitor is requesting funds probably next week from AIB. Can I ask what they look for before drawdown, is it just payslips and current account statements or the whole shabang? Was there any delay on your side getting documentation over to them that may have added to it or was it purely them taking so long?
Request of funds is finally going ahead. Is there still a backlog? Anyone drawdown recently? Due to close first week of November but I can see delays. Very hard to plan when you can't trust the dates that are given.
About a week for me for drawdown of funds with KBC, closed purchase last week.
Bank wanted another final credit check and latest payslips, statements so have them on hand.