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05-04-2020, 13:30   #31
guyfawkes5
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It'll come up in mortgage protection insurance and it might mean a physical by a doctor and probably a higher premium but nothing life-changing (mortgage protection insurance starts at around €5 per month).

Last edited by guyfawkes5; 05-04-2020 at 13:41.
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05-04-2020, 15:22   #32
Maz2016
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Thanks guys. I think I’ll go through a broker as well just to make things that bit easier
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06-04-2020, 13:45   #33
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We were due to apply in June after saving and getting our ducks in a row the last number of years, and had hoped to secure our first home by the end of the year. There's a possibility my company will introduce temporary wage cuts - the situation isn't as bad for my company as in other industries but they will need to do that while things are quiet. And when this is over, I see the company getting back up to speed over the next 6 months. But even then, I'm guessing it's very wishful thinking that the banks will show some lenience if theres a 3 month wage reduction? The loan amount would probably be calculated off the newer, lower wage, right?

I know it's a first world problem but guess I'm trying to maintain some hope that we may still get to purchase our first home before the year is out after such a long wait/prep period.
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06-04-2020, 14:27   #34
IvoryTower
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I'd say just wait until you have another 6 months of normal wages. They wont go on your word that it's only temporary imo

I'd wait until house prices drop as well...
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08-04-2020, 10:09   #35
sarahzxe
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Hey could anyone give me an idea of how much are the extra costs when buying a house for 300k? Legal fees, stamp duty, valuation, structural survey's etc. Based outside of dublin. Thanks ðŸ‘
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08-04-2020, 10:21   #36
Starlord_01
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I'd say just wait until you have another 6 months of normal wages. They wont go on your word that it's only temporary imo

I'd wait until house prices drop as well...
Any idea on when the prices will begin to fall?
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08-04-2020, 10:28   #37
IvoryTower
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Any idea on when the prices will begin to fall?
If you look at the property 2020 thread you will see they're arguing about this constantly. Nobody knows really. I'd say they've already dropped a bit but how far will they go, how long will it take to get there, anyone's guess from what I can see.
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08-04-2020, 10:44   #38
accensi0n
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Hey could anyone give me an idea of how much are the extra costs when buying a house for 300k? Legal fees, stamp duty, valuation, structural survey's etc. Based outside of dublin. Thanks ðŸ‘
Here's a start:
https://www.ccpc.ie/consumers/housin...p-guide/#link2
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08-04-2020, 10:44   #39
Starlord_01
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Originally Posted by IvoryTower View Post
If you look at the property 2020 thread you will see they're arguing about this constantly. Nobody knows really. I'd say they've already dropped a bit but how far will they go, how long will it take to get there, anyone's guess from what I can see.
There will also probably be a drop in the amount available on the market also. Had planned to buy early 2021, but will just wait it out.
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08-04-2020, 17:25   #40
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Work aren't doing appraisals for the next year, which ****s me in terms of buying a apartment.

I need to look for a new job once the economy bounces back!
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08-04-2020, 17:32   #41
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Got a pay increase. Broker is asking the bank for an increase in my mortgage approved amount (as am already approved and ready to move to loan offer.. looking at a slightly nicer property now) let's see how that goes. Anyone had any luck with that? With BOI.
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08-04-2020, 17:43   #42
guyfawkes5
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Hey could anyone give me an idea of how much are the extra costs when buying a house for 300k? Legal fees, stamp duty, valuation, structural survey's etc. Based outside of dublin. Thanks ðŸ‘
Legal fees will be €1,500 - €2,500 depending on the solicitor. Be aware cheaper fees may mean they are treating your case as part of a backlog and that may entail delays, but this is not always the case.

Stamp duty is simply 1% of the purchase price, so €3,000 in this case.

Valuation I've heard of being around €100, and there's not much wiggle room here as you will have to pick a valuer from the list the bank gives you.

Structural surveys are around €100-400 and there is a degree of you get what you pay for here in terms of detail. There is also probably a price variation in terms of what kind of property you want surveyed.

Don't forget land registry fees, I haven't paid this myself yet but believe it's in the range of €500. Someone can correct here if needed.
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08-04-2020, 17:44   #43
guyfawkes5
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Got a pay increase. Broker is asking the bank for an increase in my mortgage approved amount (as am already approved and ready to move to loan offer.. looking at a slightly nicer property now) let's see how that goes. Anyone had any luck with that? With BOI.
I'm with the exact same bank and have done the same thing. They said a new salary cert filled out by your employer and at least one payslip showing your new salary in effect is all it took.
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08-04-2020, 20:19   #44
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Quote:
Originally Posted by guyfawkes5 View Post
Legal fees will be €1,500 - €2,500 depending on the solicitor. Be aware cheaper fees may mean they are treating your case as part of a backlog and that may entail delays, but this is not always the case.

Stamp duty is simply 1% of the purchase price, so €3,000 in this case.

Valuation I've heard of being around €100, and there's not much wiggle room here as you will have to pick a valuer from the list the bank gives you.

Structural surveys are around €100-400 and there is a degree of you get what you pay for here in terms of detail. There is also probably a price variation in terms of what kind of property you want surveyed.

Don't forget land registry fees, I haven't paid this myself yet but believe it's in the range of €500. Someone can correct here if needed.
The above is spot on with the legal fees I found.

PRA charge €700 to register a house with a value of €200-400k. Register mortgage is €175. Will also have outlay like searches, commissioner for oaths. I’d add another €200 for that then.
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09-04-2020, 22:11   #45
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When applying for a mortgage would it be normal for the bank to look for your employment contract. I have a permanent job and get paid a certain amount overtime which is mentioned in my contract but now the bank want to see my contract as proof. I wouldn't of thought this is something they typically look for.
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