How much do i actually need?

C

Chris2014

Registered User
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I'm trying to get a mortgage with various banks and getting conflicting information.

When i went into EBS they never mentioned having to have enough to cover Solicitors Fees and Stamp Duty. They gave me the forms and asked me to return certain documents. They even said that you wouldn't need the full 10% deposit when you apply if you have a good history of saving and they will give you until drawdown to get the balance.

With AIB using their online form it tells you at the end to provide evidence that you have savings equals to Deposit + Stamp Duty + Legal Fees without the option to go back and lower your requested amount.

Are all banks different and what's your experience with other banks?

Is there an online calculator to calculate how much i need if i want X amount including stamp duty and legal fees?
 
At the point when you buy the house, you, the buyer, must have enough money to:
  1. Pay the agreed cost of the house (usually made up of deposit and mortgage)
  2. Pay the solicitor's fees
  3. Pay the stamp duty
Where that money comes from is up to you.

Say you have 10% deposit in cash, ready to go. You then need 90% mortgage to cover the rest of the cost price. On top of this, you will also need to come up with 1% of the price for the stamp, and about E2500 ballpark for the solicitor.

So if you agree price of E300K for the house, with 10% deposit, you would borrow 90% of E300K, which is 270K. Your solicitor will have a bill like:

House price: 300, 000
Stamp: 3,000
Fees: 2,500
Total: 305, 500

less deposit: -30, 000
Payable: 275, 500

You generally get the mortgage for E270K and cover the E5,500 fees/stamp duty out of your own pocket. You also should budget for paying some percentage of LPT as it may be pro-rated.
 
I understand that but what banks expect you to show you have deposit + fees + stamp duty before you apply?

Do some expect fees and stamp duty up front and some not expect it up front?
 
in my experience if buying a house for, say €250k, you will need about €30k in the bank for deposit, stamp duty and solicitors fees.

250k at 10% is 25k
solicitor is 2.5k
stamp duty is 2.5k

safest option is to just have this ball park figure saved before approaching banks.
 
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