Is AIB issuing mortgages these days?

How long from mortgage approval to issue of funds?

Mortgage approval was given two and a half weeks ago. Contracts were signed 6 weeks ago(subject to mortgage approval, which I now have); valuation and engineer's report was done about a week before that and all went well on that front; closing was supposed to take place last week, but I still haven't been issued with the funds yet and the house seller is getting impatient.

My bank is AIB. Can anyone currently going through this process tell me what to expect?

I'm a broker and find AIB quiote efficient. Have you got the formal loan offer from AIB yet? If so, there will be a few conditions on it that you have to fulfil before AIB will release the mortgage cheque, e.g. life assurance policy, property insurance, Direct Debit Mandate etc. Have you done all of these?

I'd suggest that you ring your solicitor tomorrow to see if s/he has sent all the legal documents and cheque request to AIB. Your solicitor may know why the funds haven't been released yet.

If not, ring AIB or your broker if you're using one. They should be able to tell you where you are.

Many thanks. I've yet to receive the formal loan offer.

galwayhous said:

Many thanks. I've yet to receive the formal loan offer.

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You've a few stages to complete before funds are issued so. Contact AIB or your broker to find out when your formal loan offer will issue. If approval was given over two weeks ago, it should be soon. Then you need to visit your solicitor to sign the formal loan offer and fulfil any conditions that are on the loan offer.

galwayhous said:

Many thanks. I've yet to receive the formal loan offer.

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I didn't go with AIB. But last year on an application that my broker described as "very strong" it took a few months to go from loan approval to formal loan offer with ICS. So this stage may take you some time also. Your solicitor can advise you.

LDFerguson said:

I'm a broker and find AIB quiote efficient. .

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LD,
The behaviour and requirerments of the different banks seem to have changed drastically. Even in the last couple of months.
With your knowedge, Any chance you could give a current summary of the different banks, in so far as ease of dealing with. If they are lending, types and reason of refusal etc etc ?
Would be good info for people from someone in the know.