There has been a huge amount of interest in our beautiful housing development at SeaGreen in Greystones, and our latest phase set to launch in the autumn means even more people can realise their dreams of owning a great house in a great location. It can be a great idea when house hunting to get mortgage approval as soon as possible, so you have that box ticked off while you look to secure your dream home, but with many lenders requiring different criteria and offering a variety of rates, knowing what deal will suit you best can all get a bit confusing. Here, we give a breakdown of some figures, purely as an example, so you can get an idea of the type of repayments you would need.
While every lender offers a different set of rates and repayment options, the following serves as an indicator of the estimated amount you need to secure when making a mortgage application. If you have already registered your interest in a SeaGreen house for sale in Greystones, you can see how much you will need to repay on a monthly basis. If you haven’t yet registered your interest, you can do so below:
Starting from the beginning, the latest requirements set by the Central Bank stipulate that to buy a house with a value of around €500,000, those buying up or simply moving home will need a deposit of 20% of the purchase price (though the mortgage provider may also allow you to pay just 10% if you meet certain criteria). First-time buyers need a deposit amount of 10% of the purchase price of a house up to €220,000 and 20% on the excess.
Purely for the purposes of giving an example, let’s take a look at one of the already built Bellevue houses at SeaGreen to calculate a sample mortgage repayment. Using one of the many good mortgage calculators available online and working on the basis of needing a 20% deposit for a house with a value around €530,000, your deposit amount will be €106,000. After the deposit is taken into account, you will need a mortgage of €424,000. If you repay this over 30 years, your monthly repayments on a one-year fixed term mortgage at a rate of 2.9% would be €1,756.23. The overall cost of your credit would be €208,244.
This can seem like a lot, but many second-time buyers are now enjoying positive equity as house prices continue to rise, so selling their previous home can make this amount more than achievable and can see you enjoy a huge upgrade in the quality of your home and your lifestyle.
Of course, there are many mortgage products available, with different financial institutions offering a range of fixed and variable rates, so it is worth shopping around to see not just which lenders will offer you the best deal, but which mortgage type will best suit your income level and ability to pay over its duration.
Many lenders also provide incentives such as cashback offers that can help you make your house a home. For instance, BOI offer 2% cashback to all new account holders and up to 3% to current account holders, EBS offer 2% cashback to all new mortgage customers, Ulster Bank offer €1,500 towards legal fees to new customers, and KBC offer €2,000 to mortgage switchers.
It is also important to factor in the additional costs involved in securing a mortgage, so you are not left with any nasty surprises when it comes to your budget. These will include:
- Legal fees - agree up front with your solicitor whether this will be a flat fee or a percentage of the property)
- Stamp duty – 1% of the purchase price
- Insurance / life assurance – the costs can vary depending on your circumstances.
Of course, the high-spec energy-efficient houses at SeaGreen in Greystones mean that your bills will be kept very low and you can avoid many of the costs buying a new home brings, meaning you can budget to meet your repayments with ease, so this is one of the many great reasons why these homes are ideal. In fact, the latest phase of houses at SeaGreen will carry an A1 rating, meaning they are ‘passive’, highly energy-efficient.
Buying your new home is a journey, and securing your mortgage is the first step on that journey. With the next phase at SeaGreen due to launch in the autumn, having that mortgage locked down as soon as possible is advisable.
To find out all you need to know about putting together a successful mortgage application so you can secure your new home at SeaGreen in Greystones, download our Guide To Getting Your Mortgage below: