The Pat Kenny Show

Ask The Expert: On the hidden costs of buying a home

Nov 17, 2025
In this insightful discussion, mortgage expert Margaret Barrett, Managing Director of Mortgage Navigators, highlights the hidden costs of purchasing a home. She reveals common overlooked fees like stamp duty and solicitor costs that first-time buyers often miss. Margaret also delves into valuation requirements, ongoing expenses such as home insurance, and the implications of part-time work on mortgage eligibility. Plus, she provides tips on snagging checks for new builds and managing additional costs when moving in.
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ADVICE

Get Valuation And Engineer Reports

  • Arrange the lender-required valuation and any reinstatement valuation before drawdown.
  • Allow €150–€200 for valuation and €800–€1,000 for a structural engineer's report when needed.
ADVICE

Plan For Property Tests And Insurance

  • Expect additional tests like drains checks for older properties and pay drawdown-related insurances.
  • Plan for drains tests (€300–€800), mortgage protection (€15–€30/month), and home insurance from drawdown.
INSIGHT

Lenders Require Proof Of All Funds

  • Lenders require proof that all transaction funds (deposit plus fees) are in place before drawdown.
  • Banks will not lend extra to cover upfront purchase costs; those funds must be evidenced in your account.
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