New Mortgage Customers Legal Fee Contributions
Who is offering what?
On Friday Ulster Bank has shown that it is firmly back in the mortgage lending business with a substantial new mortgage offer.
They has announced that they will offer a €1,500 Legal Fee Contribution to any customer taking a new residential mortgage. Customers eligible for the offer are first time buyers, home movers and mortgage switchers.
To take advantage of the €1,500 legal fee contribution offer, mortgages must be issued in the three months between 13 March and 13 June.
Successful applicants will receive a €1,500 payment to their current account after mortgage drawdown. The €1,500 legal fee contribution offer is available across the Ulster Bank residential mortgage product range. Not all lenders will get this.
The minimum mortgage amount for the legal fee contribution offer is €40,000 with a maximum loan to value (LTV) of 90%.
New Central Bank rules say that first time buyers can borrow up to 90% of a property’s value on the first €220,000. Anything above that is and 80% LTV is available. Up to 80% LTV is available for Home Mover and Switcher mortgages.
Permanent TSB launched a similar offer in January when it made €1,000 available to new mortgage customers to help offset the legal fees associated with buying a new home.
Bank of Ireland is also offering 1% (max payment €2,000) of the value of a mortgage to first time buyers to cover the cost of stamp duty.
There are Terms and Conditions attached to these offers so make sure you know want they are. Questions to ask your lender or advisor
What is the claw back period? That is, if you pay off the mortgage or re-mortgage to another lender do you have pay back this contribution?
If there is a claw back period, does the amount repayable reduce over the claw back period?
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The above is for information purposes only and does not constitute financial advice in anyway, I recommend that you speck with me before making any financial decisions. I recommend a holistic approach to financial planning and I can help you put your plans in place.