How long from Approval to D.Down of funds

D

dk99

Registered User
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Hi

Switching our mortgage provider. have been approved by 2 lenders but wondering who woul dbe quickest to release funds.

1. Ulster Bank - using their switcher service
2. AIB - have to use my own solicitor

Any experience appreciated.
 
Too many variables.

How good is your solicitor?


- is mortgage protection in place?
- is building insurance in place?
- has property been valued?
- is title perfect?

If the above are in place and you have been fully approved then about 10 working days for Ulster Bank. Plus Ulster Bank will pay for legals and give you €1000 cashback.
 
How good is your solicitor? - Good - specialises in property.


- is mortgage protection in place? Yes
- is building insurance in place? Yes
- has property been valued? No
- is title perfect? Dont Know

Short term gains with Ulster Bank in that Legal fees are paid and €1000 cashback but monthly repayments slightly higher so in the medium term AIB is better value.

I know my soilicitor has to do Land searched etc again even though its our house and not sure if the funds can be drawn down prior to these being undertaken or if we have to wait. Heard land searches take 6 weeks ??
 
Why would this affect original Q.

In any case - AIB new Bus Tracker rate for 12 months reverting to Std Tracker for LTV 50-80%

Total 270k on 450k house

I know NIB are cheaper but it took them 2 weeks to revert on my original phone call and not impressed with their service levels so hence AIB & Ulster
 
It doesn't affect the original question but if you are not going to save more than the legal fees plus the €1000 in the year that you are discounted with AIB then it would make more sense to go with Ulster Bank, no?
Basically will you save 2k in one year on the discounted rate with AIB?
No connection with UB just advising.
 
Yes 2k by going with ulster but in year 1 would save 750 in repayments with AIB and 150 per year. As term is 30 years total savings are over the period are just over 5k.

When you discount this back and consider the time/ value of money, the savings are marginal so hence my question.

Which would be the better option is terms of spped from Approval to D.down of funds.
 
Depends on how efficient the solicitor or switcher service is....when he sends in the new undertaking, cheque requisition etc, the new lender will issue your cheque.

Can't give timeframes as it depends how fast your solr is. If he has already acted for the original purchase of your house, it may help.
 
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