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Stamp Duty included in mortgage?

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  • 26-01-2006 4:13pm
    #1
    coll
    Closed Accounts Posts: 16 ✭


    This might be a stupid question, but can you include the stamp duty in your mortgage? Or do you have to come up with that yourself?

    Also, considering buying in either Swords or Balbriggan but not sure which one, anyone any advice?

    Thanks


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    #2
    gibo_ie
    Registered Users Posts: 782 ✭✭✭gibo_ie


    no, you may not get the stamp duty with the mortgage. No banks will allow this. I believ (may be wrong) that this is a govenment rule.
    But defo no!!
    Also in my experience, Balbriggan is becoming flooded with properties, especially people buying to rent. This should bring prices down due to the fact that there are so many being built. I know someone who bought with intention of renting it out and builder (who was related) advised selling now...
    just my 2c


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    #3
    Beruthiel
    Moderators, Social & Fun Moderators Posts: 42,362 Mod ✭✭✭✭Beruthiel


    I borrowed extra to cover stamp duty last year, however, as I was selling my apt. to buy a house I did not require a huge mortgage - discuss it with your mortgage broker.


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    #4
    coll
    Closed Accounts Posts: 16 ✭coll


    Thanks for the reply.

    So if you bought a house for say 300,000 and wanted another 10,000 to use for furniture etc., could you get this included in the mortgage? or does the mortgage have to be exactly what the price of the house is?


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    #5
    Beruthiel
    Moderators, Social & Fun Moderators Posts: 42,362 Mod ✭✭✭✭Beruthiel


    coll wrote:
    Thanks for the reply.

    So if you bought a house for say 300,000 and wanted another 10,000 to use for furniture etc., could you get this included in the mortgage? or does the mortgage have to be exactly what the price of the house is?

    I'm sure it probably depends on who you are with - however, my mortgage broker just worked out what I could borrow if I wished, I didn't need all he was offering and just picked an amount, I did not have to explain what I was using the money for as it was under the price of the house...
    If you want his number, drop me a PM


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    #6
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    The reason banks were only offering 92% mortgages was so that they are only exposed for the value of the property, the borrower was taking the risk on the stamp duty. With 100% mortgages the banks are taking more of a risk, but few first time buyers are now paying stmap duty. Thsi doesn't make 100% sense (because the stamp duty that matters is when the bank forecloses on the borrower) and I suspect its just an exceuse to give people more money.


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    #7
    Sammie
    Closed Accounts Posts: 5 ✭Sammie


    Beruthiel wrote:
    I borrowed extra to cover stamp duty last year, however, as I was selling my apt. to buy a house I did not require a huge mortgage - discuss it with your mortgage broker.


    Hiya Beruthiel, My hubby and I are planning to sell out apt and buy somewhere bigger also, I havent a clue where to start the whole mortgage thing, As its 1st time buying for me second for him, if you dont wanna say too much on the boards, plz pm me.


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    #8
    iguana
    Moderators, Entertainment Moderators Posts: 12,916 Mod ✭✭✭✭iguana


    There are some lenders who will offer 110% mortgages. But this is based entirely on your circumstances and factors such as salary and existing assest. It is very risky to both lender and borrower but they do occasionally happen.


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    #9
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    iguana wrote:
    There are some lenders who will offer 110% mortgages. But this is based entirely on your circumstances and factors such as salary and existing assest. It is very risky to both lender and borrower but they do occasionally happen.
    I have never heard of a mortgage over 100% in Ireland although 105-120% mortgages have been common in the UK.


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