First Time Buyers

As a general guide first time buyers applying for a mortgage can borrow a maximum of 3.5 time salary. so for a single earner earning €35,000 per annum they maximum you can borrow would be €122,500

For two income application we combine both incomes so applicant one is earning €50,000 and the second applicant is earning €35,000 we have total earnings of €85,000 so we can borrow €85,000 x 3.5-= €297,500

But you can get an exemption to this 3.5 times salary rule and receive between 4 and 4.5 times salary on a case by case basis.


Top Tips

Insure that if you are paying rent that the rent is paid by direct debit from your bank account regardless if you are living at home  and paying parents rent or renting from a landlord.

Save on a monthly/weekly basis into a savings account or Credit Union account

Clear your credit card in full on a monthly basis.

Try clear any loans you may have.

Do not miss any payments on any loans or credit cards and avoid using an overdraft on a regular basis.

You should be aware that there are many costs involved in buying a home other than the obvious.