Closing difficulties

S

sun_sparks

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Am I dreaming when I think we'll close on Monday, as planned?

1. The mortgage protection policy has been underwritten and paid for, but the documentation has still not been sent out.

2. Apparently our amended loan (we moved from a discount variable to a fixed rate) offer needs to be signed, but our solicitor has not received this.

Chances - slim to nil??

I could rant a LOT here, but I know that's a letting off steam issue!!! Suffice it to say that I have been in constant contact with the broker and solicitor, asking whether all was ok and they assured me it was. (They have both been very good at communicating, but not so good at getting the facts right!!!!)
 
What causes closing difficulties?

1. Life Cover must be in place - pure and simple - not "in hand", not" in train" but actually in place. If it is not in place, the lender will not release the loan cheque.

2. The loan offer is inextricably linked to the actual loan details/ amount/ term/ terms/ property etc.,etc so if it ( loan offer) changes it throws everything else out of shape.

The only question a borrower needs to ask is - is everything in place so that I can draw down the loan cheque on Monday? If yes, end of problem, if no - what do I need to do? And the question goes to the lender - not the broker and not the solicitor - both of whom are dealing with different ends of the process.

mf
 
Ok, this is going to sound daft though, but I've no idea who to contact in PTSB? Our broker literally took over everything, including sorting out the amended loan offer and dd mandate. (Which is great, but I do feel like I'm going through a middle-man.)
 
Ring PermTSB cheque issue on 1890 946672 and say it's Broker. They might be able to tell you what to do.
 
Sun Sparks. If you contact the cheque issue section in the Permo they should be able to sort it out for you. A lot of mortgages end up like this believe me. If you are based in Dublin "couriers" are used to deliver documents. Don't worry everyone is on your side and doing their best for you.
 
PTSB will also accept faxed copies of life policies which will speed things up for you,
 
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