Brand New to Mortgages

davekdk

Howdy folks,

Im about to embark on a quest for a 100% mortgage.
Myself and my brother are going in on it together and between the two of us our annual gross salary is about 80k euro. Without having picked a property yet I am looking for a Statement of Principal, I think its called, so I can then start looking.
Does anyone have any suggestions on how much I might get?
Should I ask for way more than I expect to get?
What other costs will I have, like solicitors fees and how much will I be looking at?
Does a 100% mortgage cover these costs as well as the actual property??
Loads of questions I know...any answer or advice is greatly appreciated!
Cheers...

Dellgirl

If you go onto any lenders site, you'll find a mortgage calculator and various other tools to help you along the first few steps. The best thing to do is go into the bank you are applying to and have a chat with them. You'll need 3 months pay slips and id and various other bits and bobs. Look up the terms and conditions for getting the 100% as it is a bit more stringent than you might think. good luck!

cltt97

Hiya,

I'm currently applying for a 100% mortgage. You can expect to get 4.5 times your joint income, maybe even a bit more. From what I've heard is if you go through a broker they can get you more than if you go to the bank directly. Just ring and make appointments with the various banks' mortgage advisor and they'll ask for all your details and then tell you how much they'd give you and all the rates, etc. That's kind of the "approval in principle". However, best if you start getting all your stuff for real approval together as this might take ages (6 months bank statements, 3 months salary slips, P60, salary certificate, 2 utility bills, copy of ID - for both of you). The lender will only give you the money for the house, i.e. it will not include solicitors fees (expect around 2K for that), stamp duty or any deposits needed. When you go "sale agreed" you usually need to put down 5K, so you need to have that. If you sign contracts you are required to put down a contract deposit, usually 10%. Some of the lenders will give you an advance of the mortgage, however at a higher rate (between 6-9%APR depending on lender). There's also the surveyor's fee of around 130 Euro, that the bank requires and then you should do your own structural survey between "sale agreed" and signing the contracts, that's around 500 Euro. So you'd need a good 16K for all these expenses (if you fall within the 317,500 and 381,500 stamp duty bracket and you're a FTB). Hope this helps!

davekdk

Thanks very much for your help people!!

Victor

Take a look at this http://www.boards.ie/vbulletin/showthread.php?t=173124