Have i done well?

T

TX1

Registered User
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Apartment - 930 sq.feet @ €262500
Joint Life Insurance - €23.83 Tescos per month
Solicitor - €2,000 All inclusive
Mortgage - 92% Tracker @ 3.05% from Ulster Bank

This website has been a blessing in research for my first ever property purchase. It is my first step on the property ladder and naturally i was nervous due to lack of knowledge etc. Are the figures above a decent all round result?
 
TX1 said:
Apartment - 930 sq.feet @ €262500
Joint Life Insurance - €23.83 Tescos per month
Solicitor - €2,000 All inclusive
Mortgage - 92% Tracker @ 3.05% from Ulster Bank

This website has been a blessing in research for my first ever property purchase. It is my first step on the property ladder and naturally i was nervous due to lack of knowledge etc. Are the figures above a decent all round result?
Click to expand...

someone was looking at the best buy list...
 
You needn't feel like a chump with those numbers.

That's a big apartment for a mere 262k, how far out did you have to go for that
kind of acerage?
 
It's Yew Tree Square in Clane, co. Kildare. it's around 35 mins from the city centre.

[broken link removed]
 
I'm not clear on what your original query is. Have you done well in what respect?
 
I'll second that.

First-timers have traditionally been easy pickings for the lenders, life companies and legal eagles. You've done really well on those three fronts - it's impossible to judge the deal on the property itself....it's all down to whether it ends up suiting you and whether the market in that area for that sort of property ultimately beats the general market.

Now, let's make sure you haven't fallen at the final fence....did you shop independently for your property/contents insurance over the internet or did you buy a policy from the lender?
 
How on earth did you get a 92% tracker?


As far as I was told I could only get it if the mortgage was only 75% of the value of the house.
 
FYI, TX1, this is what I paid (in July)

4 bed semid - 275k - approx 1200 sqft (second hand)
Solicitors €750, vat & outlay + misc ( final was around €1960)
92%, 3.29%, Current Account Tracker (ECB + 1.29) with First Active
€32 pm life insurance (FriendsFirst; not the best deal around, but was pressed for time)
 
whelanfiona said:
How on earth did you get a 92% tracker?


As far as I was told I could only get it if the mortgage was only 75% of the value of the house.
Click to expand...

Who told you that? Most lenders will do 92% on their tracker rates.

Sarah

www.rea.ie
 
An "all-in" fees and outlays quote seems to be popular with house buyers. I don't like them myself. As a practising solicitor, when asked for an estimate, I prefer to quote the fee only, on the basis that we charge outlays on an as-incurred basis (though I will of course give an estimate of the outlays).

Without knowing more, it is impossible to say whether €2000 "all-in" was really good value here. It could include a legal fee of €1,500 plus V.A.T. or it might include a legal fee of €1,000 plus V.A.T. It is certainly fair to say that it is (at the very least) reasonable value, and it might be very good value..
 
1. Oysterman wrote: "Now, let's make sure you haven't fallen at the final fence....did you shop independently for your property/contents insurance over the internet or did you buy a policy from the lender?"

2. Whelanfiona wrote: "How on earth did you get a 92% tracker?"



1. I did it independently. My apartment is covered by 10 years Homebond. Do u suggest i take out further protection?

2. Ulster Bank do anyway. I'm also pretty sure that most of the other lenders do.
 
TX1 said:
1. I did it independently. My apartment is covered by 10 years Homebond. Do u suggest i take out further protection?
Click to expand...
Homebond is not a replacement for general buildings (and certainly not contents) insurance. Homebond will only cover serious structural faults in the construction of the house that arise in the first 10 years and where the original developer does not rectify them. It will not cover many other risks such as fire, storm, impact damage etc. and definitely doesn't cover contents at all. You should put such cover in place as a matter of urgency. I'm surprised that your lender did not insist on this as they generally do so and require you to supply them with a letter of indemnity from the insurance underwriter to prove that you and they are covered. If your house burned down today then you would be in a right fix! Check out the home insurance key topic and the other threads on the same issue as well as the [broken link removed] when estimating the level of buildings cover required.
 
My story is €165K for 2 bed house (806sq.ft) in Portlaoise.

100% UB tracker at 3.15%
 
Cheers Clubman. I don't move in until March/April when it will be finished. The bank has requested for those and i am still researching to find the best available deals. The above figures are what i have achieved so far. Thanks for the link.
 
P.S Do i insure property for the amount borrowed or for the entire cost of property upon purchase
 
TX1 said:
It's Yew Tree Square in Clane, co. Kildare. it's around 35 mins from the city centre.
Click to expand...

yeah, but only between 2 & 3 am:) outside these hours, please join the queue:mad:
Do you work in Dublin city centre? how do you go to work? do you have flexitime?do shift work? how good is the bus service? etc....

TX1 said:
Apartment - 930 sq.feet @ €262500
Click to expand...
It is an apartment having a market value of €350k that you negotiated down to €262k, or an apartment worth €225k and you paid €262k for it ?
Does it meet your criteria?
Are you happy to live in an apartment in the country side?

Joint Life Insurance - €23.83 Tescos per month
Click to expand...
When dealing with insurances, is there not more to consider than simply the price? It could well be that €23.83 is bad value compared to say €31.25 with XXX... So, nobody can say if it is good or bad, without having read the contract.


All of the above to say that nobody else than you can answer your original question "Have i done well?".

The main thing is that you are pleased & proud of what you have just acquired & achieved, and represents for you the best you could get.
Happy(ier) now:cool:
 
TX1 said:
P.S Do i insure property for the amount borrowed or for the entire cost of property upon purchase
Click to expand...
You insure for the reinstatement/rebuilding cost and not the market value. See the SCS link that I posted. If in doubt get a survey done to determine the most suitable rebuilding cost. Review your cover each year to make sure that you are not over or, worse still, under insured.
 
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