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29-09-2015, 17:21   #1
Santy2015
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Saving/Applying for a mortgage 2015/16/17/18

Hi, me and my fiancée are currently saving up to buy our first home. I would like a few ideas as to what we should have saved to cover all costs with buying a house deposit, stamp duty etc.. I understand that we can get a mortgage of €130000/€140000 as herself has a car loan at present. We are saving €250 a week at the moment. We have about €7000 saved so far. Any help would be greatly appreciated.
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Last edited by The_Conductor; 20-08-2018 at 19:31.
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29-09-2015, 18:48   #2
El_Dangeroso
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How soon are you planning to buy? If you can wait 15 months the best savings account is the nationwide uk Ireland one:

http://www.nationwideuk.ie/savings/r...veraccount.asp

You can claim back any dirt on it once you're ready to buy as well.
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29-09-2015, 18:56   #3
Santy2015
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Hoping to buy in the summer of next year. We already have money in bank savings and credit union. Hoping to have around 16k by end of May 15
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29-09-2015, 19:03   #4
alastair
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Hoping to buy in the summer of next year. We already have money in bank savings and credit union. Hoping to have around 16k by end of May 15
You've missed that boat, but good luck saving for Spring '16!
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29-09-2015, 19:05   #5
Santy2015
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Yeah should've looked earlier but should be okay
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29-09-2015, 19:56   #6
valovalo
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Hi, we are in same boat about 8k saved, and hope to reach 15k by mid next year and then have that to back up mortgage application, but alas not much in galway City to even match that so it will be out the country a bit, ie athenry , headfirst ect,
Paying 895 per month here in city and saving 150 per week and 50 towards loan, (loan needed to move in here!!)
Wages between us is not great but we survive , is there any one in same boat in regards saving, deposits , galway region or any one know of any thing house wise coming up in next year to keep eye out for,
Thanks guys
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29-09-2015, 20:26   #7
Santy2015
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We are looking in the north cork region mallow Kanturk, there's plenty of properties in the region we can afford but it's the furnishing of the house after all the other expenses are taken into account is the problem, we already talked to the ebs as they seem the best to deal with so far
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29-09-2015, 22:20   #8
April 73
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Let's say you borrow €130,000. As first time buyers you can borrow 90% of the value of the property. So you could purchase a property costing €144,000 needing a deposit of €14,400.
Add to that a survey at €300 to €500, solicitor of approx €2000 to €2500 including land registration, and stamp duty at €1,440.
Somewhere in the region of €18,000 to €19,000 to buy & complete the purchase.

Saving that kind of money is quite a task. Best of luck with it.
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29-09-2015, 22:36   #9
Santy2015
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Would the solicitor cost €2k plus? Always taught it would be similar to the stamp duty? We are saving €250 a week and hope to save more after Xmas. My goal is to have at least €15k by start of May 16 and go for mortgage approval then
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29-09-2015, 23:09   #10
April 73
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I based that on the quote I got from a solicitor as below:
The bit you might be able to negotiate on is the professional fee. I don't think they can do anything about the registration & search fees.

Purchase:
Land Registry fee to lodge Transfer €800.00
Land Registry fee to lodge Deed of Mortgage €175.00
Copy Folio €6.00 €981.00

Stamp Duty @ 1%

Search fees as required by the Lending Institution and against the vendor €125.00
V.A.T @ 23% €28.75 €153.75

Professional fee €1,250.00
V.A.T @ 23% €287.50 €1,537.50
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29-09-2015, 23:11   #11
April 73
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If you had €15000 you'd be in a good position to look for a mortgage for the kind of money you're talking about.
Don't forget that you'll need some decorating/furniture cash too though.
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30-09-2015, 10:14   #12
Santy2015
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Yeah getting the money for getting the house is fine, saving for furnishings and so on is what I need to get sorted. We've bits and pieces gathered already
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30-09-2015, 10:42   #13
Black_Knight
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Expect stupidly long wait times on furniture. Beds, kitchen tables, coffee tables, couches etc can all take months. I've seen/heard anything from 3-7 months for furniture to arrive.

That said, i'd take a different approach to this - Get your essentials (bed, couch, table) in first (IKEA/second hand/friends etc) and plan on not having them for a long time. Let them tie you over for a year or whatever, and when delivery times aren't a factor in purchasing, buy what you really want. Sell the other stuff second hand, or move your temp couch into a kids toy room, and bed into the 2nd bed room.
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30-09-2015, 11:27   #14
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Expect stupidly long wait times on furniture. Beds, kitchen tables, coffee tables, couches etc can all take months. I've seen/heard anything from 3-7 months for furniture to arrive.
I would say it's rare to wait so long, I haven't seen people I know furnishing houses wait more than a few weeks for stuff they bought.
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30-09-2015, 11:34   #15
Black_Knight
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Just going on what ive heard and seen.
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