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.
What affects how much you can borrow?
Several things affect how much you can borrow in Ireland. Here’s the main factors lenders consider when assessing your mortgage application.
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 get a more accurate assessment of what you could borrow. They’ll assess your financial situation in more detail and let you know 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 mortgage 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 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 help:
- Ensure lenders lend responsibly
- You borrow what you can comfortably afford
- 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 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 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 annual 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 annual 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 annual 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 of Ireland allocates a percentage of mortgages that can exceed the LTI limit or fall below 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 comfortably afford the larger payments. Lenders must review each borrower and their circumstances on a case-by-case basis.
How much can you afford?
The total amount you can borrow isn’t necessarily the amount you should borrow, but what you can comfortably afford.
A smaller mortgage would mean lower monthly repayments and reduced overall costs.
Lenders will consider your current outgoings but cannot predict how these may change, so bear in mind how your circumstances could alter in the future.
Here are some things to consider when you’re weighing up mortgage affordability:
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:
- 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.
