You will have some expenses to pay in connection with the mortgage loan. Here are some examples of the expenses that may be payable:
(i) Valuation Report
When appropriate, a valuation of the property must be carried out by a valuer on our residential mortgage Valuers panel. This valuation will cost you €150. If the valuation of the property is undertaken more than four months before the requested date of drawdown of the loan or of the final stage payment, a re-valuation will be required which will cost you €65.
(ii) Your own advisors’ fees
You will pay any fees, charges and expenses that you are charged by any of your own advisers in connection with the mortgage loan.
(iii) Stamp Duty
Stamp duty is payable on your new home. Your solicitor will work out how much stamp duty you owe.
(iv) Our solicitors’ fees
If the security includes a new mortgage over property that is not your private dwelling place or holiday home, you will have to pay our solicitors’ fees in connection with the mortgage loan.
For your own protection as well as ours, it will be a condition in your letter of offer that your property is adequately insured, at your own cost.
If you or your dependants intend to use the property as a principal place of residence, you must show evidence of mortgage protection insurance, unless you are exempt under the Consumer Credit Act 1995. These policies are designed to pay off your mortgage in full if you or your co-borrower die unexpectedly. The correct type of life assurance will depend on the amount, term and type of borrowing.