Mortgage draw down deadline

Zipppy

3 month dead line for mortgage drawdown looms on Wednesday
Lots of incompetency ( on behalf of solicitors, vendors, AIB etc) has brought us this close to deadline,
Even today solicitor tried to draw down and yet another last minute 'issue' was highlighted by AIB; solicitor never rang us and AIB left message at 5pm... All his and the issue was never mentioned to us before....
So question is............does draw down deadline refer to actual financial transaction or notice given to bank for drawdown (as draw down will take couple of days we gather ) closing date is Friday..........

killers1

Zipppy wrote: »

3 month dead line for mortgage drawdown looms on Wednesday
Lots of incompetency ( on behalf of solicitors, vendors, AIB etc) has brought us this close to deadline,
Even today solicitor tried to draw down and yet another last minute 'issue' was highlighted by AIB; solicitor never rang us and AIB left message at 5pm... All his and the issue was never mentioned to us before....
So question is............does draw down deadline refer to actual financial transaction or notice given to bank for drawdown (as draw down will take couple of days we gather ) closing date is Friday..........

The 3 month drawdown deadline is not set in stone it just protects the bank from having to stand over a loan offer indefinitely. What was your last minute issue? If your closing date is Friday your solicitor will want to have funds on Thursday at the latest. AIB do same day value transfer to solicitors client a/c on the date specified on the solicitors request for funds. Depending on what the o/s issue is any further documentation to be sent to the bank can take a day or two to be scanned onto their system but they won't pull the plug if your drawdown happens on thurs and passes the deadline by 1 day...

Zipppy

killers1 wrote: »

The 3 month drawdown deadline is not set in stone it just protects the bank from having to stand over a loan offer indefinitely. What was your last minute issue? If your closing date is Friday your solicitor will want to have funds on Thursday at the latest. AIB do same day value transfer to solicitors client a/c on the date specified on the solicitors request for funds. Depending on what the o/s issue is any further documentation to be sent to the bank can take a day or two to be scanned onto their system but they won't pull the plug if your drawdown happens on thurs and passes the deadline by 1 day...

You sure??? :rolleyes:

Issue was something to do with current v personal a/c for loan replayments..apparently resolved over phone.....but......

killers1

Zipppy wrote: »

You sure??? :rolleyes:

Issue was something to do with current v personal a/c for loan replayments..apparently resolved over phone.....but......

Yes, 100% sure.

The DD mandate needed to be set up on an account type which can be overdrawn and your current a/c needed to be upgraded.... you'll be fine. If that was the last item o/s the funds should issue today or tomorrow but the 3 mth deadline won't be a problem

Liam D Ferguson

Zipppy wrote: »

You sure??? :rolleyes:

You do know that the :rolleyes: emoticon is intended to display sarcasm?