Broker says PTSB won't post me loan pack directly

J

Jonathan

Registered User
Messages
23
Hi,

I am wondering if PTSB should post me my loan pack (copy at least), and official letter of offer etc. I only have verbal approval from the broker, and the broker insists that PTSB will only send the official loan offer / pack to my solicitor, but I would like to study it for myself before going near the solicitor. Is this normal practice as in the past BOI have sent me a copy?

J.
 
Most unusual I would think. I have had numerous mortgages over the years ( though none with PTSB) and I always got a copy of the offer letter sent directly to me by the financial institution, in addition to the one sent to my solicitor.
 
The loan offer is always set to the borrower at the same time that the legal pack is sent to the solicitor. Very strange......are you sure your application has actually gone into PTSB?

Sarah

www.rea.ie
 
Last time we bought a property, the loan pack was only sent to the solicitor. It was not with PTSB. Our solicitor took copies so we could study it at home.
 
If your broker has a loan offer - he can copy it and give you a copy - that would be normal proceedure
Sean [broken link removed]
 
Interesting insights, Liteweight has had the same experience. I think if I were to call PTSB directly they would send me out the loan pack as the loan application reference number exists on the PTSB database, except for the fact that it is broker business.

Perhaps the broker wants to cut down on his work, and have the solicitor do the extra leg work (photocopying and postage :)). So far I have also arranged and paid for the valuation separately. Last time round dealing with BOI directly, BOI agreed to pay for the valuation.

The broker does not offer the house insurance / life assurance through PTSB either, so I would need to get the letter of indemnity with the PTSB's interest noted if I were to go through the same broker for the house insurance. In my experience that does not go smoothly.
 
Jonathon, PTSB send the loan offer to the broker. ask him for it, if he does not present it, you have no proof that you have been approved

If your broker does want his workload cut down, you could do him a favour and take the business completely away from him (it's easy to switch brokers)

Some banks and brokers provide free valuations, some do not.
You should be more worried about being sent to the correct lender rather than the €127 valuation fee

House insurance is easy enough to organise
You have the valuation completed so you know how much to insure it for (reinstatement value), get the interest noted to PTSB and ask for a letter of indemnity to be faxed to yourself.


Personally I wouldn't put a couple of hundred euros deal through someone who gives me no feedback, never mind a couple of hundred thousand.

Good luck

Bob
 
I got a loan offer from PTSB recently. They sent the details to my solicitor and to my broker at the same time. My broker then sent my copy on to me.
 
I would be interested to know who your broker is and what his motives are for not sending you the information. I was recently told by my broker that PTSB had refused my loan application. I contacted PTSB directly and they had never heard of me. I asked around and found out that many brokers don't even contact PTSB as the brokers earn higher commissions elsewhere - IIB for example. You should contact PTSB directly.
 
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