Your complete guide to mortgages in Ireland

A mortgage is a loan that you use to buy a property.

Mortgages can last much longer than other personal loans and you can borrow larger sums because they’re secured against the property’s value.

You can get a mortgage on your own or apply for a joint mortgage with someone else.

You’ll need to pay for part of the property yourself; this is known as a deposit.

How much are you allowed to borrow?

Our guide How much you can borrow with a mortgage? breaks down the rules on mortgage lending in Ireland, but the amount you can borrow depends on several things, including your:

• Income
• Deposit savings
• Other outgoings
• Credit history
• Age

To ensure that people don’t borrow more than they can afford and to protect house buyers and lenders from financial risk, the Central Bank of Ireland (CBI) imposes lending rules, called mortgage measures.

Different types of mortgages suit different circumstances, for example, you may be a first time buyer looking for cashback to help with fees, a switcher looking for a 2 year fixed rate mortgage deal, or an investment buyer exploring an Interest-only mortgage option.

Repayment and interest-only mortgages

When you get a mortgage, you have to decide how you’ll pay it back. This affects whether you pay off the loan and interest in one go or need a separate plan to pay off the loan at the end of your mortgage term.

Most mortgage deals in Ireland are repayment mortgages, which means each month you pay off a chunk of your loan and the interest you owe on it. At the end of your mortgage term, you’ll own your home outright.

Interest-only mortgages are far less common and are generally aimed at investors in buy-to-let properties. With this type of mortgage, you only pay the interest each month, so you need a plan to pay off the lump sum of your loan at the end of the term.

If you’d like to learn more, check out our guide Repayment vs interest-only mortgages.

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Interest rate types

Choosing a fixed rate or variable rate mortgage will affect your repayments and whether they’re set for a period of time or changeable. Some lenders offer discounted or capped variable rate mortgages.

What is the standard variable rate?

A standard variable rate is the lender’s variable rate that you’ll switch over to when your fixed rate period ends. It’s usually very expensive, so shop around and switch to a cheaper deal.

Our fixed rate mortgage and variable rate mortgage mortgage search can help you find the best deals.

How much can you borrow?

The amount you could borrow depends on several factors, including:

1. Your income or combined income
2. The value of the property
3. The type of buyer you are
4. Your financial commitments
5. Your credit history
6. Your age or borrowing term

Our guide How much can you borrow with a mortgage? explains more about this, and includes a calculator to help you work out how much you could borrow based on your circumstances.

How much does a mortgage cost?

There are lots of factors involved in the cost of your mortgage, but in a nutshell, the lower the interest rate and longer the term, the cheaper your monthly repayments will be.

However, the overall costs of your mortgage will depend on several things, such as:

• The property price: This is the biggest factor affecting the total cost of your home loan.
• The amount you borrow: This is worked out from your income, outgoings and credit history.
• The deposit you pay: The bigger your deposit, the lower your monthly repayments.
• The mortgage term: The longer the term, the lower your monthly payment, but you’ll pay more in total.
• The interest rate: A low interest rate is key to lower repayments and cheaper mortgage costs. Whether you choose a variable or fixed rate will also impact costs.
• Fees and charges: The cost of fees depends on whether you’re buying a property or remortgaging. See the table below for more details.

You’ll need to make sure you can sustain the repayments long term, alongside all your other financial commitments.

What fees do you have to pay?

Here are some of the main types of fees you’ll have to pay if you’re a first time buyer, moving home, or planning to switch your lender:

• Stamp duty: A tax you need to pay when you buy a property. Our stamp duty calculator can work out how much you’ll owe.
• Solicitor fees: This is to cover conveyancing and legal work carried out in relation to the transaction.
• Valuation fee: These will be charged if you’re switching lenders, changing the terms of your current mortgage, or buying a property.
• Survey fees: When buying a property, especially an older build - you will need a structural survey. It’s not mandatory, but advisable.
• Arrangement fees: Some lenders charge this to arrange loans on fixed or discounted products.
• Mortgage broker fee: Brokers are often free but sometimes charge a service fee; check before you go ahead.

Fee or service	Typical Amount	Additional info
Stamp Duty	1% on property up to €1 million	2% on any portion above €1m and 6% above €1.5m
Solicitor fees	€1,200 - €2,000	Most conveyancing firms offer fixed fees; some charge approx 1% of property value plus outlays
Valuation fee	€150 - €250	Paid directly to a panel valuer for the lender - depends on property size and location
Survey fees	€400 - €800	A structural survey is not legally required by lenders, but advised for older properties
Mortgage Arrangement Fee	approx 0.5% of loan amount	This could be up to 1% or sometimes waived
Title Deeds fee	approx €65	Paid when your solicitor requests deeds from the bank
Mortgage broker fee	€0 - €1,500+	Brokers are either free or commission‑based. Could be a flat or percentage fee

Approval in Principle

Once you’re ready to apply, obtaining a mortgage Approval in Principle (AIP) is usually the starting point.

This will give you a good indication of what the lender could lend to you, but it isn’t guaranteed.

Our guide: How to get a mortgage Approval in Principle in Ireland explains the process more fully and what to do if you’re not approved.

Why switch your mortgage?

If you’re on a fixed rate mortgage you’ll be moved to the lender’s standard variable rate when the term ends, which is more expensive.

The main reason for remortgaging is to get a better interest rate and save money.

Mortgage switching can help you:

• Lower your monthly repayments
• Save thousands of euro in interest
• Reduce your mortgage term

How much could you save?

You could save thousands of euros over the duration of your loan if you switch to a cheaper mortgage.

The latest quarterly doddl.ie Mortgage Switching Index (Q1 2025) shows you could save up to €7,300 per annum by switching.

You’ll have to pay legal and valuation fees, but choosing a cashback deal or similar could offset those costs.

To work out how much you’ll save take these steps:

1. Compare mortgages and look for the lowest interest rates
2. Note monthly repayments and total savings
3. Find out the legal and valuation costs, plus any other fees to pay
4. Deduct any charges or fees from the saving you’ll make over the term

Breakage fees and switching your mortgage

A breakage fee, also called an early repayment charge (ERC) is a penalty charged by your lender if you repay or switch your fixed rate mortgage before the fixed term ends.

This can happen if you switch to a different lender for a better rate, change to a variable rate or pay off your mortgage early.

How is a breakage fee calculated?

There’s no fixed amount, and not all lenders charge a breakage fee. But when they do, it usually depends on:

• How long you have left on your fixed-rate term
• How much interest rates have changed since you fixed
• How much you’re repaying or switching

Some lenders will only charge a fee if they incur a financial loss. The calculation varies by lender, so always ask for an ERC quote before making changes.

When do you have to pay a breakage fee?

You might have to pay a breakage fee if you:

• switch your mortgage to another lender
• end your fixed-rate early to move to a different mortgage deal
• pay off your mortgage in full during the fixed period

You don’t typically pay a breakage fee if you are:

• on a variable rate mortgage
• switching after your fixed-rate ends
• porting your mortgage or something else that means breakage fees are waived

Should you still switch if there’s a breakage fee?

Even with a breakage fee, switching to a lower interest rate could save you thousands of euros over the remaining mortgage term, but seek expert financial advice before making the move.

What to do before you switch

1. Ask your current lender for a written breakage cost
2. Compare mortgage rates from other lenders
3. Calculate the total savings from switching (interest savings minus fees)
4. Check if your new lender offers cashback, which can help cover switching costs

What happens when you switch?

Once you’ve chosen the right deal, you can apply to the lender for a mortgage Approval in Principle (AIP).

If your application is approved, you can progress to a formal offer letter by producing any ID and documents the lender requires e.g. bank statements and payslips.

You’ll need to appoint a solicitor for the legal work and ensure you have mortgage protection insurance and buildings insurance.

Once everything is in place, your solicitor will arrange a funds transfer between lenders and ensure your new mortgage is ready to draw down.

Depending on whether or not you move to a new lender remortgaging, it can take four to eight weeks to complete the switch.

Here’s more about some of the other things you may need to consider like insurance, using a mortgage broker and remortgaging.

What insurance do you need?

Certain types of insurance are compulsory with a mortgage, such as:

• mortgage protection
• buildings insurance

Other insurances are worth considering too, because they can offer additional protection to you or your biggest financial asset.

Check out our guide What insurance do you need with your mortgage? to help you decide what you need.

Do you need a mortgage broker?

No, you don’t have to use a mortgage broker (mortgage credit intermediary) but a broker can be really helpful when you are starting out on your mortgage journey.

In circumstances where it’s harder to get a mortgage, for example, if you have poor credit a broker can find specialist mortgage lenders that are more willing to lend.

A mortgage broker can access the mortgage market for you, but you can use our mortgage search to compare them yourself. Our mortgage guides have useful tips and advice to help you find the right mortgage.

What government help can first time buyers get?

If you’re buying your first home in Ireland, there are several government schemes designed to make it easier to get on the property ladder. These can help you boost your chances of approval, bridge a funding shortfall, or reduce the cost of owning a home.

Scheme	What it gives you	Who it’s for
Help to Buy	Up to €30,000 tax refund	First-time buyers of new homes
First Home Scheme	Up to 30% equity funding	Buyers struggling with deposit plus a mortgage shortfall
Local Authority Loan	Low-interest mortgage	Buyers who can’t get bank approval
Affordable Purchase Scheme	Discounted property price	Buyers applying through local authorities

Further information about each can be found on our first time buyer page. Our guide The First Home Scheme explained covers FHS and other help to buy schemes in more detail.

Are you moving home?

If you are moving and plan to remortgage your property, you’ll need to decide whether to stay with your current lender or switch to a new one.

Keeping your current lender could mean avoiding additional checks or fees but you could miss out on a lower interest rate.

If you’re moving home, you may be able to port your mortgage over, or switch lenders. Our home mover page has more on the rules for moving home and how to find the best mortgage.

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