How long to does it take to drawdown a mortgage?

P

P27

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Hi All,

I recently returned a signed loan offer to the relevant bank for a FTB mortgage, my question now is how long should it take for our solicitor to drawdown the funds?
Are some banks slower than others to issue the cheque? - what is the norm?
Many thanks:confused:
 
Do you have to do a snag etc or are you ready to go?

Your solicitor will have to investigate the title deeds once s/he receives them from the vendors solicitor. If the title deeds are in order, your solicitor will complete the lenders documentation in the offer pack they received and return them to the lender. They will also comply with any additional conditions of the offer that the lender may have asked them to do. Check in with your solicitor to see if everything is in order. If they have any concerns, they will let you know and can give you an expected timeframe.

In the meantime you can ensure any offer conditions are complied with e.g. your life assurance and fire cover are in place etc.
 
Many thanks PM1234, the solicitor has confirmed that all is in order and has requested the cheque for later this week, I was just wondering could there be any delays???
 
Depends on your lender, some are slower than others.
For example AIB are usually very quick whereas First Active can be very slow.
 
If there is a delay in clearing your account it is because the mortgage holder is using (stealing?) your money to gain interest. Any delay on their part and they should refund you the cost involved in the delay.
 
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