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 out 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 might be able to borrow with a mortgage based on your income and deposit.

Total income
This is your total annual income, if you're applying for a joint mortgage with someone else, include your combined annual income.
This is how much money you have to put towards buying your new home. If you're an existing homeowner, include the total amount of equity you have in your current property.

What affects how much you can borrow?

There are several things that affect how much you can borrow in Ireland. Here’s the main factors that lenders take into account when assessing your mortgage application.

  • The type of mortgage you want: e.g. first time buyer, self build, buy to let, bad credit etc.
  • The type of borrower you are: for instance if you’re a first time buyer, switcher, home mover or buy to let investor.
  • Your income: or combined income if someone else is applying for the mortgage with you.
  • Your age: If you’re an older borrower, this may limit your mortgage term, and therefore, how much you can borrow.
  • Number of dependants: If you have children under 18, some of your income will be used to support them.
  • Your existing credit commitments: such as loans, credit cards, overdrafts, hire purchase agreements or car finance.
  • Other monthly outgoings: e.g. childcare costs, household bills and insurances.
  • Your credit history: and how responsibly you have repaid loans and credit in the past. Here’s how to check your credit record for free.

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How much do lenders let you borrow?

The easiest 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.

You could also go to a broker or lender directly to find out what you could borrow. They’ll assess your financial situation and give you a realistic idea of how much they could lend you.

Some lenders in Ireland, like Bank of Ireland, also have mortgage calculators based on their specific criteria. Simply enter a few details about each borrower, such as:

  • Marital status
  • Number of dependents
  • Employment status
  • Gross salary
  • Monthly outgoings

Once the details are submitted, you’ll get an instant estimate of how much you could borrow from that lender. You can then use our repayment calculator to find out how much your monthly repayments could be based on how much you can borrow.

Who sets the borrowing limits in Ireland?

The Central Bank of Ireland is responsible for borrowing limits. Lenders follow Central Bank borrowing guidelines, known as mortgage measures, which sets the Loan to Value (LTV) and Loan to Income (LTI) limits.

These mortgage measures were set out in 2015 and updated in 2023 to help:

  • Ensure lenders lend responsibly
  • Ensure you borrow what’s affordable
  • Keep the economy stable

These measures are reviewed each year, and may be changed if needed, to maintain a stable economy in Ireland.

What are the mortgage measures?

There are two types of limits Central Bank has put in place for residential properties.

1. Loan to Value (LTV) limit

This cap is based on your property value. The remaining percentage is the amount of deposit you must contribute. LTV limits vary depending 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 income. If there are two of you on the mortgage, you can borrow a sum based on your combined salaries. The LTI depends on what type of borrower you are:

  • First time buyers: You can borrow up to 4 times your income, so if your income is €40,000, you could borrow up to €160,000
  • Second and subsequent buyers: You can borrow 3.5 times your income, so if you have a joint income of €100,000 you could potentially get a mortgage of €350,000

Can lenders override the limits?

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:

  • 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 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. Lenders must review each borrower and their circumstances on a case-by-case basis.

How much can you afford?

The amount you’re able to borrow isn’t necessarily the amount you should borrow. A smaller mortgage would mean lower repayments and reduced costs overall.

Lenders will take into account your current outgoings but can’t predict how these may change so bear in mind how your circumstances could alter in future.

Here are some things to consider when you’re weighing up mortgage affordability:

  • The length of your mortgage: A shorter term will mean higher monthly payments, but you’ll be mortgage free sooner. You’ll need to weigh up what’s more important to you, and what’s manageable.
  • Interest rates: These can go up as well as down. You could calculate how much your payments would be if interest rates were to go up by 3% for example, and whether you could still afford them.
  • Your income: and if this is likely to change. The right insurance can cover you financially in some situations, but not all. For example, if you’re planning a family your income may reduce for a time, and then childcare costs may start, so you need to consider how you’d manage on less income.
  • Overpaying your mortgage: If you’re keen to pay off your mortgage early, overpaying each month or annually (up to the penalty free amount), is a great way of doing this - but you’ll need extra funds available.
  • Your lifestyle: If you’re going to have to budget long term to afford your payments, you need to be confident it’s feasible. Not being able to have any usual treats, like meals out or holidays may not be sustainable.
  • Your credit history: Stretching yourself too far could mean paying for other things on credit. The interest you’ll pay quickly mounts up, unless you pay your bill off each month in full. Getting behind on payments could have a negative impact on future borrowing.

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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.

Compare mortgage rates & deals

Find a range of first time buyer and home mover mortgage deals in Ireland using our comparison.

How much can you borrow FAQs

Do lending limits apply to Switcher mortgages?

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.

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 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.

How much can I borrow if my credit history is poor?

This depends on a number of factors that are covered in our guide: How to get a mortgage if you have bad credit.

Warning: If you do not keep up your repayments you may lose your home. Warning: The cost of your monthly repayments may increase. Warning: You may have to pay charges if you pay off a fixed rate loan early. Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future. Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period. The payment rates on this housing loan may be adjusted by the lender from time to time. (applies to variable rate loans only) Information provided and Interest rates quoted valid at 29/05/2024