Savings for a house

mirrorwall14

We're saving right now.

I know we need to have
10% up to 220000 and 20% beyond that
Legal fees
Building surveys etc

What I'm confused about is when you get to buying. Do you need to have the booking deposit (if that's what it's called) too? Or is that part of the mortgage drawdown? If it's not, how much is it normally?

Jet Black

It's part of the 10% deposit and is paid when you go sale agreed. Mine was €5,000, I think its normally around that. It goes to the estate agent who holds. If your buying a house for €150,000 you'll just need to give €10,000 more when completing because you've given the €5,000 booking deposit already.

mirrorwall14

Jet Black wrote: »

It's part of the 10% deposit and is paid when you go sale agreed. Mine was €5,000, I think its normally around that. It goes to the estate agent who holds. If your buying a house for €150,000 you'll just need to give €10,000 more when completing because you've given the €5,000 booking deposit already.

So we use our 10% savings for mortgage purposes to pay the deposit? Cool

johnnyskeleton

Dont forget the cost of furniture if you dont already have it.

And stamp duty, management fees already paid by previous owner for the year, life insurance etc

Jet Black

mirrorwall14 wrote: »

So we use our 10% savings for mortgage purposes to pay the deposit? Cool

Yes. Just make sure you get and keep the receipt the estate agent gives you. The bank will need a copy of this.

mirrorwall14

That's ok, we are in a semi furnished so have everything including beds, couches, even a cooker. Essentially everything except fridge and washing machine