UB drawdown time

jc11

Hi there,
Anyone recently drawdown mortgage with Ulster Bank?

How long did it take them to release the funds after solicitors request?

TIA

_brendand_

2-3 days. Allow them 5, just incase though. Drew down in September

shelly24

I’m following this with interest, we are signing the loan offer pack on Wednesday and hoping for a miracle that the funds will be with our solicitor on Friday but UB said the chances are slim.
They said at least 48 hours from when they receive the loan offer pack back from solicitor

3DataModem

jc11 wrote: »

Hi there,
Anyone recently drawdown mortgage with Ulster Bank?

How long did it take them to release the funds after solicitors request?

TIA

Drew down last week, two weeks before mortgage approval expired. :eek:

Solicitor called them to ensure all paperwork was in place, and chased up to confirm they received missing stuff. As long as your solicitor does not screw around and keeps on top of them, 5 days should be plenty.

3DataModem

shelly24 wrote: »

we are signing the loan offer pack on Wednesday and hoping for a miracle that the funds will be with our solicitor on Friday

They need to do a final small credit check, plus ensure life cover is in place, etc. Get your solicitor to keep on their completions department to ensure they have everything they need.

_brendand_

shelly24 wrote: »

I’m following this with interest, we are signing the loan offer pack on Wednesday and hoping for a miracle that the funds will be with our solicitor on Friday but UB said the chances are slim.
They said at least 48 hours from when they receive the loan offer pack back from solicitor

I really wouldn't 'bank' on it (heh). Should definitely be next week though.

jc11

Thanks all, think all is in order now re insurance etc.

I'll come back and let others know how it panned out!

shelly24

jc11 wrote: »

Thanks all, think all is in order now re insurance etc.

I'll come back and let others know how it panned out!

Sorry for hijacking again but once the loan offer is sent to solicitor is there any more things like payslips or bank accounts that the bank might need before issuing the money or is all that sorted by loan offer stage?

bri007

They may ask for another payslip and a final credit check but not 100% sure, I know a friend of mine had to provide some documents at the final stage again, as far as I can remember it was payslip and credit check to make sure no loans or credit card debt have gone on their file since approval.

We are thinking the same ourselves as we have already provided all documents but haven’t gone sale agreed yet so can’t say for sure what else they may or may not ask.

shelly24 wrote: »

Sorry for hijacking again but once the loan offer is sent to solicitor is there any more things like payslips or bank accounts that the bank might need before issuing the money or is all that sorted by loan offer stage?

shelly24

bri007 wrote: »

They may ask for another payslip and a final credit check but not 100% sure, I know a friend of mine had to provide some documents at the final stage again, as far as I can remember it was payslip and credit check to make sure no loans or credit card debt have gone on their file since approval.

We are thinking the same ourselves as we have already provided all documents but haven’t gone sale agreed yet so can’t say for sure what else they may or may not ask.

Have you signed your loan offer pack with solicitor yet?

3DataModem

Once Ulster Bank issue the loan pack, the only things they will look for before drawdown is
1. Up to date brief valuation (if the previous valuation was off-plans or a partial build).
2. Life cover is in place and assigned and they have a letter confirming assignment
3. A final brief credit check

We drew down just before the expiry date, and no payslip or other confirmation was sought. This was a good thing too, as I changed job about a week after the pack was issued in May. Was dreading a final request for a fresh payslip, but it never came.

jc11

Just to update, still waiting for UB to receive letter of assignment from insurance company. Bit worried now as I received insurance documents last fri, insurance co said UB should receive same by tomorrow...

So looks like another week or so to wait by the time they issue funds and solicitor transfers everything to vendor...

So impatient now, so close to getting keys but feel like we'll never get there!

3DataModem

jc11 wrote: »

Just to update, still waiting for UB to receive letter of assignment from insurance company.

Call the insurance company, get them to email you a copy of the letter confirming assignment. Get a copy to your solicitor, and whomever you are dealing with in UB (get them to forward to 'completions'). Scanned copies are fine with this letter as it is not a legal document.

My recent experience suggests you have to stay on top of this yourself. ESPECIALLY when it comes to the life assurance.

jc11

3DataModem wrote: »

Call the insurance company, get them to email you a copy of the letter confirming assignment. Get a copy to your solicitor, and whomever you are dealing with in UB (get them to forward to 'completions'). Scanned copies are fine with this letter as it is not a legal document.

My recent experience suggests you have to stay on top of this yourself. ESPECIALLY when it comes to the life assurance.

Thank you! Have just sent an email there..think ive been so worked up I couldn't think to do that!

jc11

3DataModem wrote: »

Call the insurance company, get them to email you a copy of the letter confirming assignment. Get a copy to your solicitor, and whomever you are dealing with in UB (get them to forward to 'completions'). Scanned copies are fine with this letter as it is not a legal document.

My recent experience suggests you have to stay on top of this yourself. ESPECIALLY when it comes to the life assurance.

Got sorted today with your advice, thanks again!

Bank said funds should be issued Monday

jc11

Final update for the other people on this thread in same situation...

Solicitor had requested mortgage funds and bank were missing confirmation of sale of old house and letter confirming our life insurance was assigned to the bank.

Chased those up and all docs in last Thursday at 4pm, bank said funds would be issued by monday (tomorrow).

Solicitor rang fri evening saying mortgage funds had reached his account (aib).

Just need to transfer our remaining funds to his acc tomorrow so hopefully get keys tuesday!

shelly24

Our final documents/ loan offer back was sent to Ulster back at 3pm Wednesday and the money was sent to my solicitor the next day. She had the money on the Friday morning

bri007

That’s great news

Did UB ask for more documents in the end, payslips etc?

shelly24 wrote: »

Our final documents/ loan offer back was sent to Ulster back at 3pm Wednesday and the money was sent to my solicitor the next day. She had the money on the Friday morning

shelly24

bri007 wrote: »

That’s great news

Did UB ask for more documents in the end, payslips etc?

Nope

LauraMarieA

Hi, hoping someone will be able to help me out even though this is an old thread.

My question is in relation to the first payment of mortgage after you draw Down with Ulster bank. We have been advised from the builder that snagging will be first week in March with house likely to close within 30 days.

So say we draw Down on March 30th for example? Would our first payment be in April? Or would it be early May?
(Reason being we are hoping to get an extra month of savings in !!)

And also can you request what date you want the payment to be taken from each month. We would be hoping to request that mortgage payment be taken on the 3rd-5th of the month.

Thanks

3DataModem

With UB it’s simple. First DD is exactly a month after drawdown.

Crunchy Friends

Does anyone know does the 6 month loan offer expiry time begin when they issue the loan offer or when you have signed with the solicitor and sent it all back in to them in Ulster Bank?

Trying to work out whether our house will be ready before the loan offer expires!

Thanks

LauraMarieA

Our broker told us that the expiry is 6 months from the date that the loan offer is issued by the banks and not the date that you sign.

Crunchy Friends

LauraMarieA wrote: »

Our broker told us that the expiry is 6 months from the date that the loan offer is issued by the banks and not the date that you sign.

Thanks for that - I rooted through our documentation after posting and found that detail - really hope the house isn’t delayed now it would be great to not have to worry about extending the loan approval!

maciek87

May I ask how long were people here waiting for the approval from the bank?

We`ve applied in the middle of May... Neither yay nor nay from the Bank

sp00k

maciek87 wrote: »

May I ask how long were people here waiting for the approval from the bank?

We`ve applied in the middle of May... Neither yay nor nay from the Bank

With Ulster Bank? I had it in a matter of weeks. You should probably chase them up.

jimmycrackcorm

maciek87 wrote: »

May I ask how long were people here waiting for the approval from the bank?

We`ve applied in the middle of May... Neither yay nor nay from the Bank

I went in on a Monday with everything required, i.e. no delays to provide missing salary certificate or such like and on the Thursday I got a call saying I was approved.

Kigera

maciek87 wrote: »

May I ask how long were people here waiting for the approval from the bank?

We`ve applied in the middle of May... Neither yay nor nay from the Bank

I had a horrible time drawning down the mortgage. Received AIP with a couple of weeks no problem (subject to 90% LTV), and ended up going sale agreed on a house for €30k less that the AIP. Applied for the mortgage (at the 90% of purchase price) for the 2.6% 4 year fixed, and after weeks of back and forward, the mortgage pack was sent out. Luckily I read it in great detail, as I noticed it was changed to 7 years fixed at 2.99%. I queried this change and it turned out that they could only offer 87% LTV if I went for 4 year fixed at 2.6%, but could get 90% LTV at 7 year fixed at the higher percentage rate of 2.99%.

Personally I dont want to be stuck in a 7 year fixed, so queried would I get the full 90% if I went Standard Variable Rate (3.9%) to which they agreed I would. Then it transpired I would only get 89% LTV, unless I opened an account and mandated my salary to UB (which give a Loyalty rate of 3.6%), then they would give me 90% LTV.

I found all of this quite ironic, considering that UB originally were offering €30k with my AIP and it just goes to show how easily one can be caught out by UB. In hindsight, I would think that the AIP should outline the max money they would give you is based on X years fixed/Standard Variable Rate, and maybe even provide figures that outline the max money you are approved for at each of the fixed rates. I have now drawndown at Standard Variable Rate (3.9%) for 89% LTV.

myate

Anyone have any recent experience with UB and drawdown time? We've been waiting since last Friday and nothing yet.

Sparks15

Recently received Offer of Loan letter from UB. Just trying to get everything lined up now to hopefully close by the end of the year.
Has anyone had any problems assigning mortgage protection that was arranged independent of UB or any delays in drawdown as a result?

myate

Sparks15 wrote: »

Recently received Offer of Loan letter from UB. Just trying to get everything lined up now to hopefully close by the end of the year.
Has anyone had any problems assigning mortgage protection that was arranged independent of UB or any delays in drawdown as a result?

We had no real issues, but we did have to follow up on it ourselves. The insurance company sent the letter of assignment but UB didn't seem to do anything with it & didn't move on our mortgage as a result. I had to go into branch and forward on the letter myself! That got things moving.

Following up on my own post, it took a week to drawdown with UB.