Drawdown Query

Lemonee_

Hello,

I have a query regarding drawdown, particularly with PTSB. Is anyone else having as much issues as we are having?

We have been engaged in the drawdown process for over 6 weeks and there is no light at the end of the tunnel We applied directly to the bank and have had zero issues until drawdown. To note there are no change in circumtances etc., we both have full time permanent roles, savings etc. I will include the issues below: -

• The bank issued us a list of "all" documents required for drawdown in July. These were all submitted immediately, with the exception of house insurance and final valuation. The insurance and valuation were submitted the last week of July when the build was complete. Since then, we wouldn't hear from the bank for 4/5 days and suddenly they needed more documents. They have been requesting documents which both sets of solicitors and the builder (35 yrs experience) have never seen requested for drawdown before. Some of these documents would not normally be released until the legal pack with the keys when the sale is completed in full or some go to the council and the builder would not normally see these documents.
• They have also been looking for documents which are part of the process for the solicitor or council. For example the solicitor will certify title but the bank is not just looking for this, they are looking all of the documents etc. which the solicitor used to certify title.
• For the final valuation, the bank confirmed it had been requested. I contacted the valuer directly after a week to see the date they were calling to the house, and they confirmed it had not been requested. Bank did not request it then until 2 weeks later which was the start of the delays.

This is just some examples of the delays. Am I being unreasonable and should this be expected? The solicitor and builder have advised that they have never experienced such delays in all of their experience.

Claw Hammer

This is a sign that the bank is getting nervous about the property market and/or you. It may have been a bit different if you had a mortgage broker to give things a push.