Getting ready to buy a property in Ireland
Your structured process that begins long before viewing properties
The six core stages
Getting ready to buy a house in Ireland is a structured process that begins long before viewing properties. It involves six core stages:
Summary Table: The 10 steps to buying a home in Ireland
| Phasse | Actionable Step | Key Stakeholders | Critical Milestone | Actionable Timeline |
|---|---|---|---|---|
| 1. | Financial Health & Budgeting | Buyer, Financial Advisor | "Mortgage Ready" Status: 6 months of clean accounts, 10% deposit saved. | 6 - 12 Months+ |
| 2. | Approval in Principle (AIP) | Banks, Lenders, Mortgage Broker e.g. (JC Mortgages) | AIP Certificate: Confirmation of borrowing capacity (e.g., 4x income). | 2 - 4 Weeks |
| 3. | Market Research & Viewing | Buyer, Estate Agents | Property Identification: Locating a property within budget and FHS ceilings. | 1 - 6 Months |
| 4. | Bidding & Negotiation | Estate Agent, Buyer | Offer Acceptance: Strategic bidding to secure "Sale Agreed" status. | Variable |
| 5. | Booking Deposit | Esatate Agent | Property Secured: Payment of refundable booking deposit (approx. €5k–€10k). | 2 - 5 Days |
| 6. | Legal Due Diligence | Solicitor, Surveyor | Contracts Issued: Title investigation and structural survey completed. | 4 - 8 Weeks |
| 7. | Formal Loan Offer | Lender, Mortgage Broker | Loan Offer Issued: The bank issues a binding offer specific to the property. | 1 - 2 Weeks |
| 8. | Signing Contracts | Buyer, Solicitor | Exchange of Contracts: Buyer signs and pays balance of 10% deposit. | 1 Week |
| 9. | Closing & Drawdown | Solicitors, Lender | Sale Closed: Mortgage funds released, balance transferred to seller. | 2 - 5 Days |
| 10. | Key Collection | Estate Agent, Buyer | Ownership Transfer: Keys released. | Immediate |
Step 1: Strategic Financial Preparation (The Foundation)
The "Mortgage Ready" Checklist
To secure the best rates, you need to optimise four key pillars:
- Sustainable Income: Lenders love guaranteed base salary. If you rely on overtime or commission, we (your broker) need to present a strong track record, usually 2-3 years of P60s, to get that income recognized.
- Repayment Capacity: You must prove you can afford the mortgage before you get it. This is the “Stress Test.” You need a six-month record of saving exactly what your mortgage would cost (minus current rent). Top Tip: Don’t dip into these savings. A withdrawal in Month 5 resets the clock.
- Clean Credit: A missed €20 payment on a credit card can stay on your Central Credit Register for five years. Also, avoid online gambling. Regular transactions to betting sites are a major red flag for underwriters.
- The Deposit: Since 2023, the rules are simpler.
- First-Time Buyers (FTB): 10% minimum deposit.
Second-Time Buyers (SSB): 10% minimum deposit (previously 20%).
Know Your Limits (Central Bank Rules)
- First-Time Buyers: You can borrow 4x your gross income. (e.g., Income €50k = Mortgage €200k).
- Second-Time Buyers: You can generally borrow 3.5x your gross income.
Note: Exceptions exist! Lenders can allow 15% of applicants to borrow more. As brokers, we know which lenders have exception quotas available.
udgeting for "Closing Costs"
Don’t forget the “hidden” costs. You need 5-8% of the purchase price on top of your deposit for fees.
| Cost Item | Estimated Price | Note |
|---|---|---|
| Stamp Duty | 1% of property value | 1% up to €1m. 2% on balance. |
| Legal Fees | €2,500 – €5,000 (+ VAT) | Shop around early. |
| Surveyor | €300 - €600 | Essential for second-hand homes. |
| Valuation | €150 - €250 | Required by the bank. |
Step 2: Know Your Toolkit (Grants & Schemes)
If you are a First-Time Buyer (or a “Fresh Start” applicant), the government has provided a toolkit to bridge the affordability gap.
The Help to Buy (HTB) Scheme
Extended in Budget 2026 until December 2029, this is a tax rebate worth up to €30,000.
Catch: Only for New Builds or Self-Builds | Usage: Use it as your deposit.
The First Home Scheme (FHS)
Also known as the “Shared Equity” scheme, the state steps in to buy a stake in your home (up to 30% if not using HTB, or 20% if you are).
- Price Caps (2025): The price ceiling in Dublin, Cork City, and Wicklow is now €500,000.
- Cost: Free for 5 years. From Year 6, you pay a service charge.
Redemption: You can buy back the state’s share at any time based on the current market value.
Fresh Start Principle
Divorced, separated, or experienced insolvency? You may now qualify as a “First-Time Buyer” for these schemes if you no longer have an interest in your previous family home.
Step 3: Approval in Principle & The Search
With your budget set, it’s time to get active.
- Get AIP First: Estate agents will rarely take a bid seriously without proof of funds. An Approval in Principle (AIP) from a bank / mortgage broker is your “golden ticket” to viewings.
- The Search: Register with local agents directly. Many properties are sold “off-market” to buyers who are ready to go.
Energy Matters: Look for a Building Energy Rating (BER) of B3 or higher. This qualifies you for “Green Mortgage” rates, which are often significantly cheaper than standard rates.
Step 4: Bidding and "Sale Agreed"
This is where it gets real. Remember, the “Asking Price” is often just a starting point.
- Bidding Strategy: Avoid emotional €500 increments. Make decisive bids. Always state your bid is “Subject to Contract and Survey.”
- Sale Agreed: When your offer is accepted, you pay a booking deposit (usually €5k – €10k).
Vital Detail: This deposit is refundable. The deal is not legally binding yet. If the survey reveals a disaster, you can walk away and get your money back.
Step 5: The Legal Labyrinth (Conveyancing)
Once Sale Agreed, the “Black Hole” phase begins (4 – 12 weeks). Your solicitor takes over to check the title deeds.
- The Probate Pitfall: Always ask if the sale is a “Probate Sale.” If the seller has died and probate hasn’t been granted, you could be waiting 4–6 months to close.
The Chain (For Movers): If you are selling to buy, you are in a “chain.” You need your buyer to sign contracts so you can sign yours. Constant communication is key here.
Step 6: Closing the Deal
- Loan Offer: The bank issues the formal contract.
- Exchange: You sign contracts and pay the rest of your 10% deposit. The deal is now binding.
- Drawdown: Your solicitor requests the mortgage funds.
- Keys: Funds transfer, and the home is yours!
Buyer Profiles: Real World Examples
Buyer Profiles: Real World Examples
Example 1: Sean & Mary (First-Time Buyers)
- Scenario: Buying a new build in North Dublin for €480,000. Income €90,000.
- Challenge: They can only borrow €360,000 (4x Income). They have €20k saved but are short.
- The Solution:
- HTB: They claim €30,000 tax back for the deposit.
- FHS: They use the First Home Scheme to bridge the gap. The state takes a 14.5% equity share (€70k) to get them over the line.
- Result: They get the keys with a manageable mortgage.
Example 2: Liam & Sarah (Second-Time Buyers)
- Scenario: Selling an apartment to buy a €450,000 house in Cork.
- Challenge: The “Chain.” They need the equity from the apartment to pay the deposit.
- The Solution:
- Lending: As SSBs, they borrow 3.5x their €100k income (€350,000).
- Equity: They sell the apartment first, using the €50k equity + €50k savings to make up the €100k shortfall.
Logistics: They coordinate a “simultaneous closing”, signing for the sale and purchase on the same day to avoid renting in between.
Generally, no. The FHS is for new builds only. However, there is an exception: the Tenant Home Purchase stream allows you to use the scheme to buy a second-hand home if you are currently renting it and your landlord is selling.
Loan offers typically last 6 months. If your build is delayed, we can usually extend the offer, but the bank may ask for up-to-date payslips. Be aware: if interest rates have risen since your original offer, you may be moved to the new, higher rate.
Technically, no. It is a fee for the use of the capital. It is free for the first 5 years. From Year 6, you pay a service charge (starting at 1.75%). Crucially, paying this does not reduce the amount you owe the state; it is interest-only in nature.
Maybe. This is called "Tracker Portability." Some lenders allow you to move your tracker rate to a new home (often with an added margin of +1%). However, you can usually only keep the tracker on the balance you already owe; any extra borrowing for a more expensive house will be at current rates.
It signals a delay. If a property is in probate, the legal authority to sell it hasn't been granted yet. While Dublin probate times have improved, complex estates can take months. If you are on a tight timeline (e.g., your loan offer is expiring), a probate sale requires careful management.
JC Mortgages Your Expert Guide to the Irish Property Market
Buying a home is one of the most significant adventures you will ever undertake. In the Irish market for 2026, it is an adventure set against a backdrop of rising prices, competitive bidding, and evolving rules. But here is the good news: it is also a market with more state support for buyers than ever before.
At JC Mortgages, our philosophy is simple: buying or moving homes doesn’t need to be difficult or stressful. We believe in replacing anxiety with expertise. While the national median price hovers around €375,000, and Dublin prices approach €500,000, hundreds of our clients successfully navigate this journey every year by following a clear plan.
Whether you are a First-Time Buyer trying to figure out the First Home Scheme, or a Second-Time Buyer worrying about the “chain,” this guide will support you. We have stripped away the jargon to give you the practical steps you need to get mortgage-ready.