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Step 2 - Sort out your deposit

How much do you need to save?

In Step 1, we said that as a first-time buyer in Ireland, you can apply for a mortgage of up to four times your gross annual income, or up to 90% of the purchase price. That means you'll typically need a deposit of 10% of the purchase price. 

Top tip

Banks like to see a regular savings habit over at least six months, on top of paying rent and bills. If you are currently renting, that can also be used to demonstrate your ability to repay a mortgage. It is important that you save your deposit in an account separate from your current account.

 

Use our tool to compare regular savings accounts. 

 

Compare savings accounts

Budgeting resources

While saving for your deposit, you may still have ongoing expenses, particularly if you are renting. Visit our budgeting resources sections for tips and tools to help you figure out how much you can comfortably put away each month. 

The bank wants to see savings you can manage consistently, so avoid putting away more than you can afford.

Top tip
If you are buying a new build, you could apply for the Help to Buy Scheme to help build up your deposit. For more information on this scheme see our grants and incentives page.

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