BOI Mortgage Draw Down-Any way to speed up?

[pennypincher]

Hi, Just looking for some advice, I am in the process of buying a house, the timeline is tight due to an error on my life assurance policy by my doctor, but hopefully cheque will be lodged by my solicitor on Monday into her account. I had a fixed rate offer letter but if the loan is not cleared i.e. taken from their BOI account by 12 midnight on Monday then I will be hit by the rate increases,It takes 24 hours to clear seemingly, Is there anyway fair play might prevail or other method of clearing this cheque on Monday?

Thanks

 

[dillons]

I would be interested to hear how you got on with this as I am also buying a house and BoI mortgage cheque issued on Friday, I was told that the fixed rate would be held from drawdown and not closing of deal (cheque cashing) so I'm supposedly safe as drawdown was Friday but from what you're saying, you've been told cheque has to have been cashed??

 

[missdaisy]

Hi, we have a mortgage with ICS. We were told by our mortgage broker that the interest rate applies from the time the cheque is cashed. Dillons, I don't think it's enough that the cheque issued, I think you also need to make sure it's cashed to fix the interest rate.

 

[NorfBank]

It's from the date of it being cashed, otherwise the cheque could be issued today and an applicant could lock in today's fixed rate until they cash the cheque.

 

[miser]

Might be a moot point by now, but one way to speed it up would be for BOI to do a same day funds transfer to your solicitors client account, instead of issuing a cheque. Hope you got everything sorted in time.