Additional Costs when getting a Mortgage

Legal Fees

Legal Fees associated with your mortgage will cost you between 1% and 1.5% of the purchase price of your property (before VAT). Solicitors also charge administrative expenses and will pass on any expenses they accumulate dealing with your case. i.e.Land Registry or Registry of Deeds office fees and telephone charges. We recommed that you shop around. Sometimes Lenders and brokers can offer to cover these costs if you use their recommended leal firm.

Valuation Reports and Surveyors reports

Befor a Mortgage is granted, the property should be surveyed for faults, defects and to ensure that the investement is sound. A typical valuer's fee is usually about €150. A surveyor's report is more wide-ranging than a valuer's report and should indicate faults that are not easy to find. Surveyor's fees start at €350 and can move upwards depending on the amount of work that needs to be done or the size of the property. Again, it is worth shopping around and brokers may offer these services free of charge as part of your mortgage package.

Stamp Duty

Stamp duty is a tax levied by the Government on people buying houses in Ireland. With the exception of first-time buyers buying second-hand homes charges are as follows:

• First-time Buyers: There is no stamp duty for first-time buyers of second-hand homes.
• Owner Occupiers/Investors: Up to €125,000 - Exempt, Next €875,000 - 7 percent, Balance - 9 percent