How to buy your first home in Ireland

1Know what you can borrow

Before you start viewing properties, you need to understand your borrowing ceiling. The Central Bank of Ireland sets loan-to-income (LTI) limits that all regulated lenders must follow.

So if you earn €60,000 alone, your maximum mortgage is €240,000. If you and a partner earn €60,000 + €50,000 = €110,000 combined, your maximum is €385,000.

Lenders will also stress-test your repayments at a higher interest rate (typically 2% above the offered rate) to make sure you can still afford repayments if rates rise.

2Save your deposit

As a first-time buyer in Ireland, you need a minimum deposit of 10% of the purchase price. This is set by the Central Bank's loan-to-value (LTV) rules.

For a €350,000 property, you need at least €35,000 saved. However, the Help to Buy scheme (Step 3) can contribute up to €30,000 toward this deposit if you're buying a new build.

Lenders also want to see a consistent savings history — typically 6 to 12 months of regular savings. Irregular lump sums are viewed less favourably than steady monthly contributions.

Gifts from family can be counted toward your deposit, but your lender will require a signed letter from the donor confirming it is a gift and not a loan.

3Government schemes

Ireland has three main government schemes to help first-time buyers. Depending on your situation, you may qualify for one or more of them.

4Get mortgage approval

There are two stages to mortgage approval:

Using a mortgage brokeris worth considering — they have access to all lenders and can find you the best rate. In Ireland, brokers are typically paid by the lender, so there's usually no direct cost to you.

5Find a property

The main property portals in Ireland are Daft.ie and MyHome.ie. You can filter by county, price, property type, and number of bedrooms.

When viewing properties, check the Building Energy Rating (BER) — this is a legal requirement for all properties listed for sale. A higher BER (A or B) means lower energy bills. Homes with a BER below C can be expensive to heat.

You can look up the sale history of any property that sold after 2010 on the Residential Property Price Register — a public record of all property transactions in Ireland.

6Make an offer

Offers are made verbally through the selling estate agent — not in writing. If your offer is accepted, you're not legally bound until contracts are signed (see Step 7).

Once the seller accepts your offer you go sale agreed. At this point you typically pay a booking deposit (usually €5,000–€10,000) to the estate agent to take the property off the market. This is refundable if the sale falls through before contracts are signed.

If you're bidding on a second-hand property there may be competition. Have your AIP letter ready — vendors and agents take offers more seriously from buyers who have finance confirmed.

7The legal process

You must instruct a solicitor before contracts are signed. Your solicitor will:

• Carry out title searches to confirm the seller legally owns the property
• Check planning permission for any extensions or alterations
• Review the contract for sale and raise any queries with the vendor's solicitor
• Handle the transfer of funds on closing day
• Register the property in your name with the Property Registration Authority

Once both solicitors are satisfied, contracts are exchanged. At this point you pay a further deposit (typically 10% of the purchase price, minus the booking deposit already paid). The sale is now legally binding.

A closing dateis then agreed — usually 4–8 weeks after exchange. On closing day your solicitor transfers the balance of the purchase price to the vendor's solicitor and you receive the keys.

8Survey and valuation

Two separate inspections are required — don't confuse them:

If your structural survey reveals significant issues, you can use this to renegotiate the price or, in serious cases, withdraw from the sale and reclaim your booking deposit.

9Drawdown and completion

Before your lender releases the mortgage funds (drawdown), they will require:

• Home insurance — buildings cover must be in place from the day of drawdown. The bank needs to be named on the policy.
• Life assurance / mortgage protection — required by law in Ireland. It pays off your mortgage if you die during the term.
• Signed loan offer — you must have returned your signed formal mortgage offer.
• Solicitor's certificate — confirming title is clear and the sale can proceed.

On closing day, your solicitor receives the mortgage funds and your own deposit, transfers the full purchase price to the vendor, and you collect the keys. Your solicitor then registers the title in your name — this can take several weeks after closing.

Costs to budget for

On top of your deposit and mortgage, budget for the following. These cannot be added to your mortgage — they must be paid in cash.

As a rough rule: budget an additional 1.5–2% of the purchase price for purchase costs on top of your deposit.