Costs for first-time buyers

The costs and expenses you need to consider when buying your first home.

Deposit

10% of property price

Your deposit is usually 10% of the property’s price. For example, for a €300,000 property, that’s €30,000. You pay it in two stages:

 

1. A booking deposit to hold the property.
2. The rest when signing contracts.

Our MortgageSaver account and government schemes like Help to Buy can help towards your deposit.

Legal fees

(Cost varies)

You’ll need to pay a solicitor to handle the legal side of buying your home. They make sure everything is done properly, and the home is legally yours. The cost (which you may be able to negotiate when you appoint your solicitor) can be a flat fee or a percentage of the purchase price. It’s best to check with your solicitor how much they charge.

Stamp duty

(Cost varies)

This is a tax you pay to the government when buying a home. It’s 1% of the property price up to €1,000,000 and 2% on the next €500,000, and 6% on any amount over €1,500,000.

Home insurance

€200 to €600 annually (approx)

This insurance is required when getting a mortgage. It protects the property from risks like fire or theft. The cost typically ranges from €200 to €600 a year, depending on the property’s size and location. You can choose a home insurance policy from any provider.

Property and mortgage registration fees

€400 to €800 (approx)

This fee, usually between €400 to €800 (based on the property’s value), covers the cost to register the property in your name. There’s also a €175 fee to register the mortgage.

Other potential costs

(Cost varies)

You may also face extra costs like a Building Energy Rating (BER) certificate (usually €225 to €400), local property tax, and expenses for furniture and appliances. Check with your solicitor for a full list.

Surveyor fees

€300 to €600 (approx)

A surveyor checks the property for issues like dampness or structural defects. This helps you avoid nasty surprises after buying, so we recommend that you get a property survey carried out. Fees usually range from €300 to €600, but can be higher depending on the type and size of property.

Valuation fees

€150 to €250 (plus VAT) (approx)

Before you get a mortgage, the lender needs to check that the property’s value matches the price you agreed to pay. A valuer does this, and it usually costs between €150 to €250 (plus VAT).

Initial booking deposit

2 – 5% of purchase price (approx)

Normally between 2 – 5% of the purchase price, this will be payable to your estate agent. It’s fully refundable up until the point where contracts are signed.

Mortgage protection

€15 to €50 monthly (each person) (approx)

This life insurance is required when getting a mortgage. It helps pay off the mortgage if you pass away before it’s fully repaid. The cost is usually between €15 to €50 a month (for each person if it’s a joint mortgage), depending on your age, health, and cover you choose. You can choose a mortgage protection policy from any provider.

Moving costs

€300 to €1,000 (approx)

Hiring movers or renting a van typically costs between €300 to €1,000, depending on distance and the amount of belongings.

Connection fees

€150 to €300 (approx)

Setting up utilities (electricity, gas, broadband) costs between €150 to €300, depending on the provider and setup requirements.

Annual service charges

(Cost varies)

These are more typically paid on apartments and some housing schemes where there are shared amenities and communal areas that are maintained by a management company.

Bank of Ireland Mortgage Bank u.c. trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland.


Information and legal notices

Legal and regulatory information for mortgages.

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