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Central Bank of Ireland mortgage measures, and the government schemes that work alongside them.
The LTV limit requires you to have a minimum deposit before you can get a mortgage. The size of this deposit depends on what category of buyer you are:
The LTI limit requires lenders to use certain multipliers of gross income when calculating your maximum mortgage:
Lenders have some freedom to lend above these limits. In any calendar year they can give an allowance to: 15% of FTB lending, 15% of SSB lending, and 10% of buy-to-let lending, above the standard limits.
Ireland is not alone in this — many EU countries have introduced similar mortgage measures to help safeguard their national financial systems.
The Help to Buy (HTB) Scheme helps first-time buyers buy a newly-built home or self-build a new home, for properties costing €500,000 or less that you'll live in as your home. It refunds the income tax and DIRT you've paid in Ireland over the previous 4 years, up to a maximum of €30,000.
A shared equity scheme run by the government in partnership with participating lenders, to help bridge the gap between your deposit, mortgage, and the cost of your new home. The government can provide funding of up to 30% of the purchase price (reduced to 20% if Help to Buy is also used), taking an equity share you can buy back over time or in a lump sum.
Local authorities make newly built homes available at a reduced price for first-time and other eligible buyers who can't afford the open-market value with a maximum mortgage and 10% deposit. The local authority takes an equity share in the home equal to the discount applied.
These rules affect how much you can borrow and how big a deposit you'll need — talk to one of our consultants on 01 832 7250 to work out what they mean for your situation.