Mortgage drawdown backlog

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!

Any idea what drawdown time is with KBC currently?

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.

Looks like BOI are deliberately slowing down our draw down. Drip feeding us documentation one item at a time.

Very frustrating

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.

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.

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.

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?

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.