Mortgage Cost - Stage Payments

[Fawkon]

Hi there,

Hoping for some help here as I’m finding it difficult to calculate myself.

Myself and my partner are purchasing a home in Cork using a stage payments approach. The house itself is in an estate so I am aware stage payments are unique in this case nowadays.

Would I be able to get advice on what the mortgage payments might be based on the stages of drawdown?

We should get loan approval soon for a mortgage with Haven at 300,000 over 30 years at 2.55% interest rate.

I’m struggling to understand what the payments themselves will be during each stage.

Stage 1: 68,250
Stage 2: 68,250
Stage 3: 68,250
Stage 4: 68,250
Stage 5: 20,000
Stage 6: 20,000
Snag List completion: 5,000

Any guidance would be much appreciated.

 

[Clamball]

Ulster bank say on their website “The monthly mortgage repayment installments will commence once the first stage has been drawn down and will be based, at any one time, on the balance outstanding spread over the original term”.

So if this applies to Haven you once the first stage payment has been made you repay €68K over the 30 year term so €270 ish a month. But maybe ask Haven?

30 years, 2.25%
Stage 1: 68,250. €270
Stage 2: 68,250. €541
Stage 3: 68,250. €814
Stage 4: 68,250. €1086
Stage 5: 20,000. €1165
Stage 6: 20,000. €1245
Snag List completion: 5,000. €1265

Apparently you are borrowing €318K not €300K

 

[Fawkon]

Ulster bank say on their website “The monthly mortgage repayment installments will commence once the first stage has been drawn down and will be based, at any one time, on the balance outstanding spread over the original term”.

So if this applies to Haven you once the first stage payment has been made you repay €68K over the 30 year term so €270 ish a month. But maybe ask Haven?

30 years, 2.25%
Stage 1: 68,250. €270
Stage 2: 68,250. €541
Stage 3: 68,250. €814
Stage 4: 68,250. €1086
Stage 5: 20,000. €1165
Stage 6: 20,000. €1245
Snag List completion: 5,000. €1265

Apparently you are borrowing €318K not €300K

Apologies, I forgot to include the site purchase at 12K also.