Find Ireland’s best first time buyer mortgages and what you need to know about first time buyer grants, saving for a deposit and how much you can borrow.
There are rules for first time buyers you’ll need to know before you start searching for your first home.
You can find out more about how LTI and LTV work by reading our guide on how much you can borrow there’s also a handy calculator to help you estimate the most you might be able to borrow.
The deposit is the amount of money you put towards purchasing your home. When you’re buying your first home in Ireland you need a deposit of at least 10%.
For example, if you were buying a property worth €200,000 you would need a minimum deposit of €20,000.
However, the best mortgage rates tend to be available to borrowers who have a sizeable deposit and a lower LTV, this is because they are less risky than borrowers with less money saved.
Before you can start looking for your first home you’ll need to work out how much you can afford to borrow.
First time buyers in Ireland can’t borrow more than 3.5 times their annual salary, but if you’re buying a home with someone else this will be based on your combined income.
Bear in mind, that other factors like your credit history, dependants and other outgoings can also have an impact.
A good place to start your mortgage search is to use a comparison table the lists all the lenders in Ireland. This will help you find the lowest mortgage rates for first time home buyers in Ireland.
Before you compare mortgage lenders you’ll need to know:
Most mortgages offer either variable or fixed interest rates, and before you look for the best deal you need to decide which works best for you.
Our Complete Guide to Mortgages explains the types of mortgages in more detail, including cashback mortgages and green mortgages.
If you want to talk to someone about choosing the right mortgage, consider speaking to a mortgage broker. They’ll be able to review your specific circumstances and recommend some suitable options.
There are a couple of schemes that could help you buy your first property, these include:
No, if you apply for a joint mortgage with someone who has already owned a home you are not a first time buyer.
The Central Bank of Ireland states “Where the borrower under a housing loan is more than one person and one or more of those persons has previously been advanced a housing loan, none of those persons is a first-time buyer.”
You’ll need at least 10% of the purchase price of the property.
The Central Bank of Ireland defines a first time buyer as “a borrower to whom no housing loan has ever before been advanced.”