first time buyers

Honestfrank01

Hi me and the other half are saving a deposit in a BOI mortgage savers account we are half way there with our target of deposit and saving roughly 1500 a month should be good to go by this summer hopefully . Just looking or advice or recommendations.
Is it far to early to be window shopping??
What should we get ready in terms of getting the application ready??
What should we budget in as hidden costs solicitor,stamp duty etc??
How long does the process take to be mortgage approved??
Any advice would be useful even tips on house hunting in general and what to ask and look for when viewing.

Cheers

dudara

You’ll need to show savings for not only a deposit, but also stamp duty, legal fees, conveyancing etc. that can add a few grand more onto your target, if you haven’t already factored it in.

Honestfrank01

Yea I have been factoring in those costs and was roughly thinking about 3to4k additonal but I could be wrong it possibly be alot more ??

GhostyMcGhost

Honestfrank01 wrote: »

Yea I have been factoring in those costs and was roughly thinking about 3to4k additonal but I could be wrong it possibly be alot more ??

Closer to 5 for us

Add about 2% on top of deposit to include

1% stamp duty
1% legal fees (this isn’t calculated as a percentage, it’s a rough savings guide)

Also from experience money disappears into a black hole when moving in... van, boxes, tools, floors, wallpapers.... it’s really does go

Best of luck with house hunting

Trish56

Hope the following helps :
You will need 10% of the purchase price plus 1% stamp duty plus approx. €2500 in legal fees (get a quote in writing and make sure it includes VAT and outlay) - Valuation Fee = €150. You will need to provide the lender with P60's for 2017, salary certificate from your employer, 3 months recent payslips, 6 months current, savings and credit card statements. 12 months statement for any short term borrowings you have. Pay rent if any through your bank account. Manage your current account and credit card in a satisfactory manner i.e no unpaid direct debits, referral fees, not using overdraft regularly and clear your credit cards monthly. Very important that there are no regular Paddy Power transactions shown on your statements.

Once you submit your application and documentation and all are in order you should have 'approval in principle' within 2 weeks, once a valuation is carried out and any approval in principle conditions are complied with an offer should issue within a week, you can then sign contracts,lenders letter of acceptance and pay 10% of the purchase price and agree a closing date with the vendor. You then need to arrange Mortgage Protection, Home Insurance, direct debit and Deed of Assignment.

Trish

Honestfrank01 wrote: »

Hi me and the other half are saving a deposit in a BOI mortgage savers account we are half way there with our target of deposit and saving roughly 1500 a month should be good to go by this summer hopefully . Just looking or advice or recommendations.
Is it far to early to be window shopping??
What should we get ready in terms of getting the application ready??
What should we budget in as hidden costs solicitor,stamp duty etc??
How long does the process take to be mortgage approved??
Any advice would be useful even tips on house hunting in general and what to ask and look for when viewing.

Cheers

Maz2016

Trish56 wrote: »

Hope the following helps :
You will need 10% of the purchase price plus 1% stamp duty plus approx. €2500 in legal fees (get a quote in writing and make sure it includes VAT and outlay) - Valuation Fee = €150. You will need to provide the lender with P60's for 2017, salary certificate from your employer, 3 months recent payslips, 6 months current, savings and credit card statements. 12 months statement for any short term borrowings you have. Pay rent if any through your bank account. Manage your current account and credit card in a satisfactory manner i.e no unpaid direct debits, referral fees, not using overdraft regularly and clear your credit cards monthly. Very important that there are no regular Paddy Power transactions shown on your statements.

Once you submit your application and documentation and all are in order you should have 'approval in principle' within 2 weeks, once a valuation is carried out and any approval in principle conditions are complied with an offer should issue within a week, you can then sign contracts,lenders letter of acceptance and pay 10% of the purchase price and agree a closing date with the vendor. You then need to arrange Mortgage Protection, Home Insurance, direct debit and Deed of Assignment.

Trish

Great post, certainly a big help to me.