Mortgage Drawdown timeframe

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candor

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We are in the process of purchasing a house and received the letter of offer from AIB.

How long does it typically take to drawdown the mortgage funds these days?
 
I recently just completed the process with BOI and moving from letter of offer to drawdown took almost two months. I assume every case is different and I had a number of conditions to satisfy with the bank before they allowed drawdown which adds time.
 
Dublinbay12 said:
I recently just completed the process with BOI and moving from letter of offer to drawdown took almost two months. I assume every case is different and I had a number of conditions to satisfy with the bank before they allowed drawdown which adds time.
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Do you know roughly the time taken to drawdown funds once they were requested?
 
Once everything is in place its just an EFT to your solicitor, so depending on the time of day, same day if before 2pm or something or next day if after.
 
peteb said:
Once everything is in place its just an EFT to your solicitor, so depending on the time of day, same day if before 2pm or something or next day if after.
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Great, thanks for that, makes sense. We've been though the process before but it was many years ago.
 
It can take a couple of days from when your solicitor formally requests the funds, to the transfer happening. Depending on how many final checks happen on the bank side.

Your solicitor can check with the bank in advance. What I usually see happen is if you wanted to close on Friday, the request would go in on the Monday or Tuesday. The bank can issue the funds so that they're in your solicitors account first thing Friday morning, ready for them to execute a same day transfer to the vendors solicitor. If the funds are issued early, you will incur an interest charge on it.
 
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