First Time Buyer in Ireland
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First-Time Home Buyer Guide
Loan Limitations
As a first-time buyer in Ireland, Maximum Loan Amount is determined by two factors, as per the Central Bank
of Ireland:
01
Borrow up to 4x Gross Earned Basic Income
Buying with a Partner? 4x of Combined Income
02
Borrow up to 90% of the Purchase Price
* Please note these are the highest figures. Your actual loan will be the lower of the two.
Best Mortgage Rates in Ireland
Rates affect change, and the rate is set at the date of mortgage draw-down
Ireland’s best variable mortgage rate available today
Ireland’s best fixed mortgage rate available today
Ireland’s longest fixed-term mortgage available today
Personalised Mortgage: SYS, Your First Time Buyer Mortgage Broker in Ireland
How Much Can I Borrow?
Loan Limits for First-Time Home Buyers Set by The Central Bank of Ireland
- Borrow up to 4 times your Gross Annual Income
- Borrow up to 90% of the Property Purchase Price
Demonstrating Repayment Capacity
Show the mortgage lender you can make monthly payments to get a loan
- Rent paid through standing order
- Consistent Savings – With few or no withdrawals
- Mortgage Drawdown – Loan Repayment, if the loan will be paid off before the mortgage is drawn down for the past 6 months
Be Prepared: It Takes Time
Facts
Getting a mortgage takes longer than you expect
SYS creates the best first time buyer mortgage experience to smooth the process
Fixed or Variable Rate?
Choosing between a fixed and variable rate depends on your situation.
A fixed-rate gives price certainty, but you could miss out on lower rates.
Suggested Blogs on First Time Buyer in Ireland
SYS Recommends:
First Time Buyer Mortgage Application in Ireland
- Keep rent and savings visible in your bank statements
- Conduct a credit search with the Central Bank of Ireland’s credit register.
If there are issues, let your broker know - Maintain consistent employment
- Visit the Help to Buy section on www.revenue.ie if you’re a First-Time Buyer.
You may qualify for a tax refund to boost your deposit - Having one-off expenses like weddings or education costs on your statements is okay
- Regular Gambling
- Late or missed Payment Fees
- Overdraft Limit Exceedance
- Rising Credit Card Balances
How long does Mortgage Approval Take?
Mortgage Expenses
When you get a mortgage, be ready for these costs:
Deposit
Minimum 10% of the property value. The government’s Help to Buy and First Home scheme may assist first-time buyers
Solicitor's Fees
For conveyancing or the legal property transfer, which is necessary when buying a house.
Solicitors usually charge a flat fee.
Engineer's Fees
Recommended if the house is over 100 years old or the valuer suggests an inspection.
Costs start from €300
Valuation Fees
Most lenders require a property valuation.
Fees can range from €150 to €180
Stamp Duty
A 1% tax on the first €1m of the purchase price is payable to Revenue
Help to Buy First Home Scheme
The HTB scheme assists first-time buyers with their deposits for new homes. Learn more at Revenue.ie or contact SYS Group Mortgages.
Still looking for Mortgage Brokers in Ireland?
Need assistance on First Home Scheme, home scheme or something else? Drop your contact details, and we will get in touch with you!
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