Query on mortgage 'stamps'

[spinal_tap]

Can anyone offer any information on this:

A condition on a 'top-up' BoI mortgage was that if the total amount of the loan (original plus top up) exceeded 254k, it would have to be stamped. It does exceed that amount.

The solicitor says we would have to pay €1 per €1k for the TOTAL amount of the loan. Is this correct, or is it €1 per each €1k OVER the 254k mark.

Secondly, on a second mortgage for the new PPR, the solicitor says €1 per €1k stamp on the entire amount is owing. There is no reference to this in the Letter of Offer, so is this correct?

Any advice appreciated.

 

[CCOVICH]

It is 0.1%, up to a maximum of €630.

So for a €300,000 mortgage, the stamp duty would be €300.

 

[spinal_tap]

Thanks CCOVICH.

Is this applied to EVERY mortgage, including what is essentially just a top-up on an existing one?

 

[mf1]

Yes.

mf