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Documentation review before drawdown

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  • 08-03-2016 3:19pm
    #1
    IrishZeus
    Registered Users Posts: 1,887 ✭✭✭


    Folks,

    Quick question.

    We have been approved for a mortgage with AIB, which we will be looking to drawdown over the next 2-3 months.

    Can anyone advise if there is another document review by the bank before the final drawdown takes place? We have a potential change of circumstances before the drawdown takes place. The change will not affect our ability to easily repay the mortgage amount we are applying for - no crazy amount being borrowed.

    I know all the advice that we need to advise them of changes etc. so not looking to hear that. Just looking for an answer to the specific question - Does a further documentation review generally take place before mortgage drawdown?

    Thanks!


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    #2
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    There's generally not a review, but it's always a risk.

    The bank will often require up-to-date documentation before drawdown. So if you get approved now but don't draw down for six months, the bank will ask you to submit up-to-date bank statements and payslips at that stage. That's really just a filing formality more than anything else, but the person in charge of your account will look them over.

    Yes, there's an obligation on you to disclose any material change of circumstances, and if it's discovered because the bank had to dig into your new documentation, they may pull the plug.

    Whatever the potential change of circumstances is, can it wait until after you draw down?

    Speak to your solicitor and ask their advice. Be frank and honest with your solicitor, they are working on your behalf and cannot reveal anything to the bank.


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