The first-time buyer’s guide to buying a home in Ireland

Buying your first home in Ireland can feel overwhelming — between deposits, mortgage approval, government schemes and a legal process full of unfamiliar terms. This guide walks through the whole journey in plain English, so you know what to expect and roughly what it costs at each stage.

1. Work out what you can afford

Two limits decide your budget: how much deposit you have, and how much a lender will give you. Under the Central Bank mortgage rules, first-time buyers can typically borrow up to four times their gross annual income, and need a deposit of at least 10% of the purchase price. Lenders also stress-test affordability against your real monthly outgoings, so your actual offer may be lower than the maximum.

The deposit

On a €350,000 home, a 10% deposit is €35,000. Remember you also need cash on top of the deposit for stamp duty, legal fees and other costs — so your true savings target is higher than the deposit alone.

2. Get mortgage approval in principle

Approval in principle (AIP) is a lender’s written indication of how much they’ll lend you, based on your documented income and finances. It’s not a final loan offer, but it tells you your real budget and shows estate agents you’re a serious buyer. Get it before you start bidding — AIP usually lasts around six months.

• Gather payslips, P60/employment detail, bank statements and proof of savings.
• Clean up your finances for 6–12 months beforehand: regular saving and no missed payments strengthen your case.
• Compare lenders — rates, cashback offers and term flexibility vary.

3. Use the schemes you’re entitled to

Two government supports are aimed squarely at first-time buyers. They can meaningfully reduce how much you need to save:

• Help to Buy (HTB): a tax rebate towards the deposit on a new-build home (not second-hand), subject to a cap and conditions. It refunds income tax and DIRT you’ve already paid.
• First Home Scheme (FHS): a shared-equity scheme where the State takes a percentage stake in your new home to bridge the gap between your mortgage-plus-deposit and the price. You can buy out the stake later.

4. Find the home and bid

Search the listing sites, but value with sold prices, not asking prices. Asking prices are negotiating positions; what similar homes nearby actually sold for tells you whether a property is keenly priced or optimistic. Our free estimate gives you an independent range to sanity-check any asking price before you bid.

5. Sale agreed → legal process

Once your offer is accepted, the property is “sale agreed”. You’ll pay a booking deposit (usually refundable until contracts are signed), instruct a solicitor, and your lender will require a valuation. It’s wise to get a structural survey too — it can reveal problems and give you grounds to renegotiate.

6. Sign contracts and close

Your solicitor reviews the contract and title, you sign and pay the contract deposit (typically bringing you to 10%), and a closing date is set. On closing, the mortgage funds and your remaining cash (balance, stamp duty, fees) come together, ownership transfers, and you get the keys.

Budget for the full cost

Beyond the deposit, first-time buyers should budget for stamp duty (around 1% of the price), solicitor’s fees, a valuation fee, an optional survey, and moving costs. Building these into your savings plan from the start avoids a nasty surprise near the finish line.

The short version

• Save your deposit and the extra costs (aim higher than 10%).
• Get approval in principle to fix your real budget.
• Claim Help to Buy / First Home Scheme if eligible.
• Value with sold prices, bid with discipline.
• Use a solicitor and consider a survey before you commit.