Before you start there are some specific rules that apply to first time buyers in Ireland that you should be aware of.
To get a foot on the property ladder you’ll need a minimum 10% deposit.
There is also a cap on what first time buyers can borrow based on:
These are called loan to income (LTI) and loan to value (LTV) limits - you can find out more about how these work by reading our guide to how much you can borrow.
You can use this comparison to see the lowest mortgage rates for first time home buyers in Ireland. Before you compare the different options you need to:
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, 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, if you’re buying a home with someone else this will be based on your combined income.
However, other factors like your credit history, dependants and other outgoings can also have an impact.
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.
If you want help finding the right mortgage you could also choose to speak 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:
If you are living in social housing and want to buy your first home you may also qualify for:
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.”