increasing my mortgage

Hello All,
I'm about to apply to PermanentTsb to increase my mortgage on which I have 10 years left to run. On the initial mortgage we had to engage a solicitor to handle the stamping etc of the mortgage, my question is,
will I have to engage a solicitor again just to increase the amount even though it will be paid over the remaining 10 years

Thank you

Yes, my colleague recently requested an increase in her mortgage and she was notified she would have to contact her solicitor. Just contact PTSB they will be able to tell you in your situation.

What would a typical solicitor's fee for this be?

Would this be required for a top up mortgage?

Hi,

you may not need a solicitor, it all depends on the amount you borrow, normally if its under 20K it is not needed, if a solicitor is needed it will cost between 500 - 1000 in fees

CathyK said:

Hi,

you may not need a solicitor, it all depends on the amount you borrow, normally if its under 20K it is not needed, if a solicitor is needed it will cost between 500 - 1000 in fees

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could it involve increasing Mortgage Protection??

My colleague only topped up by 10,000 and she needed her solicitor i suppose it depends on the lender

It does depend on the lender and the type of charge they have on the deeds. Some have an "all monies" charge which means you can top up without legal fees (as long as the total debt is under €254,000 - if it's over that there will be 0.1% stamp duty on the mortgage deed up to a max. of €635) - others only have a charge for the original mortgage amount which means that the additional loan has to be added and therefore a solicitor is required. PTSB are in the latter category.

Sarah

www.rea.ie