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Step 1 - Plan your budget

How much can you borrow?

As a first-time buyer in Ireland, you can apply for a mortgage of up to four times your gross annual income (single or joint incomes), and up to 90% of the purchase price of the property you want to buy. This will give you an idea of what you may be able to afford based on these mortgage rules. 

Creating a budget helps you understand how much you need to save towards a 10% deposit. It will also help you figure out what you can afford. Use our budgeting resources to help get you started.

Top tip

Different lenders may have different lending criteria, for example, whether they consider overtime as income or offer specific terms for older borrowers. You can deal with providers directly or use a mortgage broker.

 

Use our mortgage comparison tools to compare the best-value mortgages offered by various lenders.

 

Compare mortgages

Remember there are more costs involved than the mortgage itself

As well as your deposit, factor in stamp duty, survey costs, legal fees and other extras such as repairs, decoration, furniture and appliances.

As a first-time buyer you may qualify for the Help to Buy Scheme. For more information on who can apply and how much you can get visit Help to Buy Scheme - Supports for first-time buyers.

Remember to factor in these costs:

Stamp duty: This is the tax when you buy a property. You pay 1% stamp duty on the first €1 million, and higher rates on amounts above that. Go to Revenue for more details.

Survey costs: A survey is a detailed inspection of the property for structural and other issues. A survey is not mandatory, but it is recommended, especially if you are buying a second-hand home.

Remember

As a buyer, it is your responsibility to investigate the property’s condition and legal status before buying it.

 

Getting a structural survey is a helpful way to identify potential issues with the property’s condition, but it may not detect every problem.

 

You could also ask the seller or estate agent about the condition of the property as well as what, if any, previous work has been done.

Legal fees: You will need a conveyancing solicitor to carry out and manage all legal aspects of purchasing a property. 

Other extra costs such as repairs, decoration, furniture and appliances should also be considered. But there is good news. There are grants and incentives available to help with buying your first home and the costs involved.

Important

Not all mortgage lenders participate in national and local Government schemes. Before you apply, check whether your chosen provider supports the scheme you want to use.

Once you have your keys and have moved in, you'll have the usual household costs such as energy bills, broadband and TV subscriptions, bin charges, property tax and general living expenses. If you purchase a property, whether it is a house or an apartment, remember that you may have additional ongoing costs separate to your mortgage.

These can include service charges, contributions to a management company or residents’ association, and fees for the upkeep of shared spaces or communal facilities. Some housing estates may have management companies responsible for green areas, lighting, waste services or private roads, so it's important to check what services you will be charged for before you buy.

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