Reviewed by Ian, Mortgage Broker (QFA & CFA).
In Ireland, first-time buyers and second-time buyers both need a deposit of at least 10% of the purchase price, while buy-to-let investors typically need around 30%. Schemes like Help to Buy and the First Home Scheme can help first-time buyers meet the 10% requirement.
How much deposit does a first-time buyer need?
First-time buyers need a minimum deposit of 10% of the purchase price. On a €350,000 home that is €35,000. The Help to Buy scheme and First Home Scheme can help first-time buyers of new homes bridge part of this.
How much deposit does a second-time buyer or mover need?
Second and subsequent buyers also need at least 10%. If you are trading up, the equity in your current home can usually form part or all of your deposit.
How much deposit for a buy-to-let?
Buy-to-let mortgages usually require a larger deposit — typically around 30% (a maximum 70% loan-to-value).
Where can my deposit come from?
Your deposit can come from savings, a gift from a close family member (lenders usually require a signed gift letter confirming it is not a loan), the Help to Buy refund, or equity from a property you already own. Lenders like to see a genuine, consistent savings record.
What other costs should I budget for?
Beyond the deposit, budget for stamp duty (1% of the price on homes up to €1 million), legal fees, a valuation fee, and possibly a structural survey. Factor these in early so they do not eat into your deposit.
Frequently asked questions
Can I get a mortgage with a 10% deposit in Ireland?
Yes. First-time and second-time buyers can generally buy with a 10% deposit at up to 90% loan-to-value, subject to the lender assessing that you can afford the repayments.
Can my deposit be a gift?
Yes, a gift from a close family member is usually acceptable, but the lender will typically require a signed letter confirming the money is a gift and not a loan that must be repaid.
Does Help to Buy count towards my deposit?
Yes. For a qualifying new-build home, the Help to Buy refund can be used towards your deposit.
Is a bigger deposit better?
A larger deposit lowers your loan-to-value, which can give you access to better interest rates and reduce your monthly repayments.
How Harbour View can help
As an independent, regulated mortgage broker we guide you through every step. Related guides: How much can I borrow? · Help to Buy · First Home Scheme · Mortgage approval process. Talk to us for a free, no-obligation consultation.
This guide is general information, not financial advice, and is based on rules that can change. Warning: your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.
