Buying your first home is one of the biggest financial decisions you will ever make. Here's what you need to know before you start.
Buying your first home is one of the most exciting — and daunting — steps you’ll ever take. The good news is that with the right preparation, the process is far more straightforward than it might seem.
Start with your finances
Before you even look at properties, you need to know what you can borrow. Irish lenders will typically lend up to 4 times your gross annual income as a first time buyer, and you’ll need a deposit of at least 10% of the purchase price.
The key things lenders look at are:
- Income — both base salary and any regular bonuses or commission
- Outgoings — existing loans, credit card balances, and monthly spending
- Credit history — make sure you have no missed payments on record
- Savings record — showing regular savings over 6–12 months is important
Get Approval in Principle first
Before you start viewing properties seriously, get an Approval in Principle (AIP) from a lender. This tells you exactly how much you can borrow and shows estate agents and vendors that you’re a serious buyer.
As a broker, we can apply to multiple lenders simultaneously and find the most suitable rate and terms for your circumstances — something you can’t easily do yourself.
Understand all the costs
The purchase price is just the start. Budget for:
- Stamp duty — 1% on properties up to €1 million
- Solicitor’s fees — typically €1,500–€2,500 plus VAT
- Valuation fee — around €150–€200
- Structural survey — recommended, typically €400–€600
- Mortgage protection insurance — required by all lenders
The Help to Buy scheme
If you’re buying a new build, you may be eligible for the Revenue Help to Buy (HTB) scheme, which can provide a tax rebate of up to €30,000 towards your deposit. We can advise on whether you qualify and help you make the most of this.
How we can help
At Ger Brady Financial Services, we guide first time buyers through every step — from initial assessment right through to receiving your keys. We have access to all the main lenders and will find the most suitable mortgage for your specific situation.
Get in touch today for a no-obligation consultation.