Start Saving Early
Start saving as soon as the idea of buying a home crosses your mind. Start small if you need to but make sure you go and open that savings account.
Set yourself a target and make sure you reach it. Cut back on expenses, as something has to give.
Key Insight
Lenders want to see at least 6 months of consistent savings — the earlier you start, the stronger your application.
Choose Your Location
Write down your preference and see if you can afford a property in this location.
Location is the most important factor — if you can afford your desired location, excellent. If not, look at neighbouring areas that may offer better value.
Key Insight
Areas just outside major commuter belts often offer 15–25% better value with only marginally longer commutes.
Long-Term Commitment
A mortgage is a long-term commitment. At a fundamental level you need to be happy that buying is the route you want to take.
The alternative of staying at home for longer or continuing renting may work better for you at this stage of your life.
Key Insight
Most financial advisers suggest staying in a property for at least 5 years to justify the upfront costs of buying.
Use an Independent Adviser
We believe it is very important to use an independent adviser. We have years of knowledge and experience that is available for your benefit — free of charge.
An independent broker deals with all lenders and finds you the best rate, whereas going directly to a bank limits you to their products only.
Why a broker?
Established in 1994, authorised by the Central Bank of Ireland. We've helped thousands of first-time buyers find the right mortgage.
Account for Living Expenses
When deciding on your living space, factor in your day-to-day costs. Most lenders leave plenty of room for living expenses and changing family circumstances.
Don't end up "house rich, cash poor" — your home should improve your quality of life, not restrict it.
Key Insight
Lenders stress-test your ability to pay if interest rates rise by 2% — factor this into your own budget planning too.
Prepare Well in Advance
Prepare well in advance. Keep your current accounts well maintained — avoid overdrafts, missed payments, and excessive spending in the 6 months before you apply.
Avoid credit card debt and other short-term loans. Save consistently and keep your financial picture simple and easy to follow.
Key Insight
Lenders review 6 months of bank statements. Gambling transactions, frequent overdrafts, and irregular income are red flags.
Stretch Wisely
Stretch yourself a little to get the home you want — but only do so if you are confident you can afford the repayments, even if rates go up.
The price you should pay for a house needs to be driven by your own feeling for affordability, not just the maximum a lender will give you.
Key Insight
A 1% rate increase on a €300,000 mortgage over 30 years adds approximately €150/month to your repayments.
Arrange Protection Insurance
Always budget for adequate Mortgage Protection Insurance — this is mandatory for most mortgages.
Also consider taking out Serious Illness Cover to protect your repayments if you are unable to work.
Key Insight
Life assurance is required by all Irish lenders. Shop around — rates vary significantly between providers.
Fix Your Mortgage Rate
Try and fix your mortgage rate if at all possible and if reasonable fixed rates are available at the time of drawdown.
Fixing gives you certainty on your monthly repayments and protects you from rate increases during the fixed period.
Green rates
Many lenders now offer lower 'green' fixed rates for energy-efficient homes (BER A or B). Ask your broker about eligibility.
Watch Introductory Rates
Be very careful with attractive introductory rates. Always check the rate that applies after the expiry of the discount or fixed period.
A low introductory rate that reverts to a high variable rate can cost you significantly more over the life of your mortgage.
Key Insight
Always compare the APRC (Annual Percentage Rate of Charge) — not just the headline rate — to get a true like-for-like comparison.