Mortgage drawdown

I instructed my solicitor on Friday to drawdown our mortgage, he faxed AIB the letter this morning, any ideas on how quickly AIB home and mortgages issue the cheque to solicitor? Have tiler lined up for Monday and dont want to send him away!!

Have you met all the requirements and the cheque is ready to draw? If so there is no harm in ringing AIB or asking your solicitor to do so to expediate drawdown.

Hi we are in a similar situation, and having a nightmare atm with our bank.

Our engineer put down a larger figure for the housebuild than we actually need to borrow and had approval for (we have some cash etc) so now the bank are insisiting on approving additional funds before they allow us to draw down! Very frustrating so we've had to pay out cash for work in the meantime.

If it's straightforward without issue it should take 3-5 days to reach your solicitors a/c and perhaps the same to reach your account. This is what we were advised which seems mental given we are in the era of internet banking but they are claiming paperwork & processing etc.

Best of luck,

Silvergirl said:

If it's straightforward without issue it should take 3-5 days to reach your solicitors a/c and perhaps the same to reach your account. This is what we were advised which seems mental given we are in the era of internet banking but they are claiming paperwork & processing etc.

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Ah is this true itll take 3-5 working days? My bank finally have received everything thats required and i told my solicitor this morning to ask for the cheque! I have a bed ordered for saturday! Will it really take until next week?

just a quick update to say that my solicitor received the mortgage cheque this morning,issued by AIB on tuesday. Pleasantly surprised by their efficiency . All I have to do now is repay it!!

I'm with BOI so not sure but I keep getting excuses that they have requested cheque from Dublin and then it's the following day before I get any response...

Now they are looking for a copy of my house insurance policy before they release funds! Is this normal considering we currently have a slab of concrete worth 20K on the site?!!

Anyone else experience this, and if so should we insure for the full rebuild value (at completetion which will be mid next year) at this stage?

Yes having life and fire policies in place prior to drawdown is usually a standard requirement.