How much can I borrow mortgage calculator
Use our free mortgage calculator to work out how much you might be able to borrow from mortgage lenders in Ireland.
How much can I borrow?
Whether you’re a first time buyer starting on your mortgage journey, a home mover looking for a larger property, or a landlord looking to invest, the first step in your mortgage application is finding out how much you can borrow.
Our mortgage borrowing calculator helps you calculate the most you could potentially borrow with a mortgage based on your annual income and deposit.
Who sets borrowing limits in Ireland?
The Central Bank of Ireland is responsible for borrowing limits. Lenders follow the Central Bank’s borrowing guidelines, known as mortgage measures, which set the Loan to Value (LTV) and Loan to Income (LTI) limits.
These mortgage measures were set out in 2015 and updated in 2023 to ensure:
- banks and providers lend responsibly
- you only borrow what you can afford
- the economy remains stable
What are Ireland’s borrowing rules?
There are two types of limits that the Central Bank of Ireland has put in place for residential properties.
1. Loan to Value (LTV) limit
This cap is based on the property purchase price. The remaining percentage is the amount of deposit you must contribute. LTV limits depend on the type of buyer you are.
- First time buyers: The LTV is 90%, so you need a 10% deposit.
- Second and subsequent buyers: The LTV is 90%, so you need a 10% deposit.
- Buy to let buyers: The LTV is 70%, so you need a 30% deposit.
2. Loan to Income (LTI) limit
This cap is based on your annual income. This is the maximum mortgage you can take out based on your gross annual income. The LTI depends on what type of borrower you are.
- First time buyers: You can borrow up to 4 times your annual income.
- Second and subsequent buyers: You can borrow 3.5 times your annual income.
Mortgage borrowing limits in Ireland
Here are the lending limits summarised. If there are two of you on the mortgage, you can borrow a sum based on your combined salaries.
Lenders can sometimes exceed these limits, so talk to your lender or broker if you fall slightly outside them.
| Buyer type | Max Loan to Value (LTV) | Max Loan to Income (LTI) | Minimum deposit required | |
|---|---|---|---|---|
| First-time buyer | 90% | 4 × gross income | 10% of property value | |
| Second-time buyer | 90% | 3.5 × gross income | 10% of property value | |
| Buy to let investor | 70% | N/a | 30% of property value |
Can lenders override the limits?
Yes, the Central Bank of Ireland allocates a percentage of mortgages that can exceed the LTI limit or fall below the LTV limit. These are known as “exemptions”.
These exemptions are allocated based on the type of buyer:
- First time buyers: 15% of mortgages can go above the 4 times income cap
- Second and subsequent buyers: 15% of mortgages can go above the 3.5 times income cap
- Buy to let buyers: 10% of mortgages can have less than a 30% deposit.
To be considered for a mortgage outside of the usual limits, you’ll need to be a low risk to the lender and able to comfortably afford the larger payments. Lenders must review each borrower and their circumstances on a case-by-case basis.
Real life examples
- A single person buying their first apartment in Dublin with a salary of €60,000 could borrow up to €240,000 (4 × income).
- A couple purchasing their second home in Carlow with joint earnings of €110,000 could potentially borrow up to €385,000 (3.5 × income).
What other factors do lenders take into consideration?
Aside from calculating how much you can afford to borrow, lenders want to assess how much of a risk you are and the likelihood of you repaying the mortgage, so several other factors are taken into account.
Here are some of the other things lenders consider when assessing your mortgage application.
How much can you realistically afford?
The maximum amount you can borrow isn’t necessarily the amount you should borrow.
Think about what you can comfortably afford - for instance, a smaller mortgage would mean lower monthly repayments and reduced overall costs.
Lenders will look at your current expenses and may even “stress test” your finances to see if you can handle a potential rate increase. However, they can’t predict your future.
It’s a good idea to consider how much of a financial cushion you might need if your circumstances change.
Here are some things to consider when you’re weighing up your mortgage affordability:
What is the best way to find out your exact borrowing capacity?
The quickest way to find out how much you can borrow is to use our mortgage calculator, but this will only give you the maximum amount you might be able to borrow based on lending measures in Ireland.
Contact a broker or the provider directly to get a more accurate assessment of what you could borrow based on a lender’s specific criteria. They’ll take into account other factors like outgoings and other borrowing.
You’ll need to enter a few details about each borrower, such as:
- Marital status
- Number of dependents
- Employment status
- Gross salary
- Monthly outgoings
You can use our repayment calculator to find out how much your monthly mortgage repayments could be based on how much you can borrow.
What are the next steps?
Once you have an idea of how much you can borrow and how much deposit you need to save, read our Complete Guide to Mortgages to find out about your next steps.
If you’re ready to start applying for your mortgage, our guide How to prepare for a mortgage application will set you on the right track to getting an approval in principle and securing a full mortgage offer.
Mortgage borrowing FAQs
Do lending limits apply to Switcher mortgages?
Certain types of mortgages are exempt from one or both of the mortgage measures:
- Switcher mortgages: The LTV and LTI limits don’t apply.
- Negative equity mortgages: The LTV limit doesn’t apply.
- Buy to let mortgages: The LTI limit doesn’t apply.
- Lifetime mortgages (equity release): The LTI limit doesn’t apply.
Lifetime mortgage notices: Warning: While no interest is payable during the mortgage period, the interest is compounded on an annual basis and is payable in full in circumstances such as death, permanent vacation of or sale of the property.
Warning: Purchasing this product may negatively impact your ability to fund future needs.
Can I be a first time buyer if my partner owns a property?
No. Although it’s the first home you’ve ever bought, if your partner has previously owned one, you’re classed as a second or subsequent home buyer. This means you’d be required to raise a 20% deposit, not 10%.
How much can I borrow if I'm self employed?
You can still borrow up to 4 times your salary if you are a first time buyer (and 3.5 times your salary if you are a subsequent buyer), but you’ll need to provide more documentation to prove your income than if you were employed.
Our guide: How to get a mortgage when you’re self employed has all the information you need.
How much can I borrow if my credit history is poor?
This depends on several factors that are covered in our guide: How to get a mortgage if you have bad credit.
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