You can use our free mortgage calculator to work out how much you might be able to borrow from mortgage lenders in Ireland.
You can use our mortgage borrowing calculator below to calculate how much you may be able to spend on a property. It calculates the most you might be able to borrow with a mortgage based on your income and deposit.
There are a few factors that affect how much you can borrow in Ireland, including:
Lenders will assess your personal circumstances to work out whether they will lend to you, and if so how much.
The Central Bank of Ireland is responsible for borrowing limits and set out mortgage measures in 2015, to help:
These measures are reviewed each year, and may be changed if needed, to maintain a stable economy in Ireland.
There are two types of limits Central Bank has put in place for residential properties:
These cap your borrowing at a percentage of the property value. The remaining percentage is the amount of deposit you must contribute.
LTV limits vary depending on the type of buyer you are:
This caps the amount you can borrow at 3.5 times your gross income. If there are two of you on the mortgage, you can borrow up to 3.5 times your combined salaries.
For example, if your income is €40,000, you could borrow €140,000, or the LTV limit if lower.
Or, if you get a mortgage with someone else and your combined income is €100,000, jointly you could borrow €350,000, or the LTV limit if lower.
Certain types of mortgages are exempt from one or both of the mortgage measures:
Lifetime mortgage notices: Warning: While no interest is payable during the period of the mortgage, 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 on your ability to fund future needs.
Yes, the Central Bank allocates a percentage of mortgages, that can go over the LTI limit or under the LTV limit.
These exemptions are allocated based on the type of buyer:
Lenders must review each borrower and their circumstances on a case by case basis.
To be considered for a mortgage that’s outside of the usual limits, you’ll need to be a low risk to the lender, and able to afford the larger payments.
The amount you’re able to borrow isn’t necessarily the amount you should borrow. Lenders will take into account your current outgoings, but can’t predict how these may change.
You should think about your future plans, and whether you can stretch yourself financially at this time.
Borrowing less would mean lower repayments, and a reduced cost overall. Here are some things to consider:
The easiest way to get an idea of how much you can borrow is to use our how much can you borrow mortgage calculator.
This will give you an idea of the maximum amount you might be able to borrow based on the lending restrictions in Ireland.
Some specific lenders in Ireland also have mortgage calculators that work out what they may lend you based on their specific criteria, including Bank of Ireland.
You simply enter a few details about each borrower, such as:
Once the details are submitted, you’ll get an instant estimate of how much you could borrow with that lender.
You can then choose to see what your repayments might be using a repayment calculator.
You could also go to a lender directly or a broker, to find out what you could borrow.
They are likely to do much more thorough fact-finding, which will enable them to give you a more realistic idea of how much you could get a mortgage for.
Once you have an idea of how much you can borrow and how much deposit you need you can work on getting your deposit saved.
Find the best first time buyer and home mover mortgage deals in Ireland using our comparison.
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%.
You can still borrow up to 3.5 times your salary, 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.
This depends on a number of factors that are covered in our guide: How to get a mortgage if you have bad credit.