First Time Buyers

First-time buyers have several options. Most buy with a standard mortgage from a bank or building society, borrowing up to 90% of the property value, which means a deposit of at least 10%, and up to four times their gross annual income, subject to the lender’s assessment. On top of this, the Help to Buy Scheme and the First Home Scheme can help with the deposit and the gap between your mortgage and the purchase price. If you cannot secure enough funding from a mainstream lender, a Local Authority Home Loan may be an option, and the Local Authority Affordable Purchase Scheme can offer a home below market value. We can talk you through which of these may suit your circumstances.

As a first-time buyer, you generally need a deposit of at least 10% of the purchase price. Government supports can help you reach that figure. The Help to Buy Scheme can provide up to €30,000 towards the deposit on a new build, and the First Home Scheme can bridge part of the remaining gap. You should also budget for additional costs, such as stamp duty of 1% on most homes, along with solicitor’s and surveyor’s fees.

The Help to Buy Scheme offers eligible first-time buyers a refund of income tax and DIRT paid over the previous four years, up to €30,000 or 10% of the purchase price if lower. It applies only to a new build or a self-build home valued at €500,000 or less, and the scheme is currently due to run until the end of 2029. You apply online through Revenue’s myAccount or ROS, providing details of the property and your finances, and you must be fully tax compliant. Once approved, the refund is generally paid towards your deposit, and we can help you complete the conveyancing side in good time.

The First Home Scheme is a shared equity scheme that helps first-time buyers and other eligible applicants bridge the gap between their mortgage, their deposit, and the price of a new home. The State and participating banks provide funding of up to 30% of the purchase price in return for an equity stake, which reduces to a maximum of 20% if you also use the Help to Buy Scheme. You can buy back that stake over time. The scheme applies mainly to newly built homes in private developments, subject to local price limits, and it has replaced older shared ownership arrangements.

This scheme helps low to middle income buyers purchase a home below the market price. The local authority provides the home at a reduced cost and retains an equity share that reflects the discount given, which you can buy out later if you wish. It is designed to widen access to home ownership in areas where prices might otherwise be out of reach. Availability depends on your local authority and the developments taking part.

Start by getting your finances in order, checking your savings and credit record, and working out a realistic budget that allows for stamp duty, legal fees, and survey costs. Next, seek mortgage approval in principle, which clarifies your budget and strengthens your position as a buyer. When you find the right property, arrange a survey to check for any structural issues, and use the findings to inform your offer. Once your offer is accepted, our conveyancing team handles the legal steps, from reviewing the contract to completing the transfer and registering your ownership.