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Initial costs of house mortgage

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  • 28-02-2013 5:27pm
    #1
    sorsha
    Banned (with Prison Access) Posts: 86 ✭✭


    Hi,I am not sure if this is the right forum(please move if its not). I have one question regarding house/apartment mortgage.
    I am going to apply for a small mortgage (just 50 000) soon and I think I have enough savings, but I want to plan expenses.
    Could anyone tell me what are the costs, I know I need at least 8% of the property value, but what else?
    Is it going to be more than 3000?


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    #2
    bee06
    Registered Users Posts: 4,514 ✭✭✭bee06


    Maybe I'm not understanding your question correctly but the only possible cost associated with a mortgage would be if you use a mortgage broker.

    If you mean costs associated with buying a house then you'll have:
    Solicitors fees
    House insurance
    Life insurance
    Surveyor

    Solicitor is going to be the biggest cost and that will depend on what solicitor you use but in my experience the overall cost for the above shouldn't be more than 3000 euro. Shop around to get the best value.


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    #3
    sorsha
    Banned (with Prison Access) Posts: 86 ✭✭sorsha


    Thanks for your reply. That's what I was thinking about- solicitor,insurance, etc.
    Is the cost always the same, even if mortgage is very low?


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    #4
    bee06
    Registered Users Posts: 4,514 ✭✭✭bee06


    Life insurance depends on what kind of policy you opt for but if you get a policy based on the mortgage amount then it would be lower than normal. House insurance would be based mostly on the rebuild value of the house rather than the mortgage amount.

    Solicitor's fees and surveyor wouldn't be dependent on the mortgage amount either as it's still going to be the same amount of work for them regardless of what your mortgage is for.


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