Best First Time Buyer Mortgages in Ireland
Who is a first time buyer in Ireland? Revenue.ie describes a first-time buyer is an individual who, at the time of the Help to buy claim has not: either individually, or jointly with another person, previously purchased or built, directly or indirectly, on his or her own behalf, a dwelling in Ireland or abroad. Some banks have their own internal classification of who a first time buyer is. For joint applications both applicants must be first time buyers for the mortgage to be classified as a first time mortgage.
We have compiled these resources without taking into account your personal objectives, circumstances, financial situation or needs. Therefore, before acting on any information contained on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs, and seek professional advice where appropriate. You can read the full Terms of Use.
Types of First Time Buyer Mortgages in Ireland
Fixed rate mortgages: The interest rates are fixed for a particular period, not the term of the mortgage. Interest rates can be fixed for 1 to 10 years. Some lenders offer 15, 20 and 30 year fixed rates. At the end of the fixed rate deal you’ll automatically move on to the lender’s variable rate, or you may decide to remortgage to a new mortgage deal.
Variable rate mortgages: With a variable rate mortgage, interest rate can rise or fall as determined by your lender. The positive about a variable rate mortgage is that it offers you the flexibility to overpay or redeem your mortgage at any time without penalty.
Tracker mortgages: A tracker mortgage is a type of home loan where the interest rate charged on the loan tracks that of another publicly available rate, typically the interest rate set by the European Central Bank. As the ECB base rate rises or fall, the interest rate on a tracker mortgage will usually rise or fall which will directly affect your monthly repayments with it. The rate you pay is usually a set percentage higher than the base rate.
>> Read More: Best Credit Union Mortgages
First Time Buyer Mortgage Rates: Fixed Rate vs Variable Rate
This is depending on the personal circumstance of the first time buyer. As a first time buyer, with little or no experience in home buying, a fixed rate mortgage is the better choice because of the stability it brings to you and helps you stick to a budget. A variable mortgage gives you the flexibility to make lump sum payments on your mortgage. They are better when interest rates are low or expected to go down but it doesn’t provide unexperienced first time buyers peace of mind.
Best fixed rate mortgages for first time buyers
Higher or over 80% loan to value mortgages are usually the better choice for first time buyers, but lower loan to value mortgages offer better rates. You can take advantage of first time buyer schemes to help you with deposit for your house. The below comparison table shows a list of mortgages, LTV and interest rate with varied mortgage loan amount.
Best 1-year fixed rate mortgage deals for up to 60% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
AIB |
≤50% |
>250,000 |
4.40%
|
3.91%
|
|
EBS
|
≤50%
|
100k and above
|
4.55%
|
4.3%
|
|
Haven
|
≤50%
|
Any Amount
|
4.55%
|
4.3%
|
|
Bank of Ireland
|
≤60%
|
<250,000
|
4.65%
|
4.2%
|
Best 1-year fixed rate mortgage deals for 60% to 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
AIB |
51% - 80%
|
>250,000
|
4.55%
|
4.11%
|
|
EBS
|
61%-80%
|
100k and above
|
4.55%
|
4.3%
|
|
Haven
|
61%-80%
|
Any Amount
|
4.55%
|
4.3%
|
|
Bank of Ireland
|
61%-80%
|
<250,000
|
4.65%
|
4.8%
|
Best 1-year fixed rate mortgage deals for 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
EBS
|
>80%
|
100k and above
|
4.55%
|
4.3%
|
|
Haven
|
>80%
|
Any Amount
|
4.55%
|
4.3%
|
|
AIB
|
>80%
|
>250,000
|
4.65%
|
4.31%
|
|
Bank of Ireland
|
>80%
|
<250,000
|
4.65%
|
4.9%
|
Best 2-year fixed rate mortgage deals for up to 60% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
AIB
|
≤50%
|
>250,000
|
4.45%
|
3.99%
|
|
Bank of Ireland
|
≤60%
|
<250,000
|
4.65%
|
4.4%
|
|
Haven
|
≤60%
|
Any Amount
|
4.65%
|
4.4%
|
|
PTSB
|
≤60%
|
<250,000
|
4.75%
|
4.12%
|
|
EBS
|
≤60%
|
100k and above
|
4.90%
|
4.5%
|
Best 2-year fixed rate mortgage deals for 60% to 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
AIB
|
51% - 80%
|
>250,000
|
4.60%
|
4.19%
|
|
Haven
|
61%-80%
|
Any Amount
|
4.65%
|
4.4%
|
|
Bank of Ireland
|
61%-80%
|
Any Amount
|
4.65%
|
4.80%
|
|
PTSB
|
61% - 80%
|
<250,000
|
4.85%
|
4.22%
|
|
EBS
|
61% - 80%
|
<250,000
|
4.90%
|
4.50%
|
Best 2-year fixed rate mortgage deals for 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Haven
|
>80%
|
Any Amount
|
4.65%
|
4.40%
|
|
Bank of Ireland
|
>80%
|
<250,000
|
4.65%
|
4.90%
|
|
AIB
|
>80%
|
>250,000
|
4.70%
|
4.37%
|
|
EBS
|
>80%
|
100k and above
|
4.90%
|
4.50%
|
|
PTSB
|
>80%
|
<250,000
|
5.10%
|
4.61%
|
Best 3-year fixed rate mortgage deals for up to 60% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
≤60%
|
100k and above
|
3.85%
|
3.87%
|
|
AIB
|
≤50%
|
>250,000
|
4.55%
|
4.09%
|
|
PTSB
|
≤60%
|
≥250,000
|
4.55%
|
4.15%
|
|
PTSB
|
≤60%
|
<250,000
|
4.75%
|
4.21%
|
|
Bank of Ireland
|
≤60%
|
<250,000
|
4.75%
|
4.40%
|
Best 3-year fixed rate mortgage deals for 60% to 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
61% - 70%
|
100k and above
|
3.90%
|
3.89%
|
|
Avant Money
|
100k and above
|
71% - 80%
|
4.00%
|
4.06%
|
|
PTSB
|
61% - 80%
|
≥250,000
|
4.65%
|
4.25%
|
|
AIB
|
51% - 80%
|
>250,000
|
4.70%
|
4.29%
|
|
Haven
|
61%-80%
|
Any Amount
|
4.75%
|
4.50%
|
|
Bank of Ireland
|
61%-80%
|
<250,000
|
4.75%
|
4.90%
|
|
PTSB
|
61% - 80%
|
<250,000
|
4.85%
|
4.32%
|
Best 3-year fixed rate mortgage deals for 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
81% - 90%
|
100k and above
|
4.05%
|
4.08%
|
|
Haven
|
>80%
|
Any Amount
|
4.75%
|
4.50%
|
|
Bank of Ireland
|
>80%
|
<250,000
|
4.75%
|
4.90%
|
|
AIB
|
>80%
|
>250,000
|
4.80%
|
4.46%
|
|
PTSB
|
>80%
|
≥250,000
|
4.90%
|
4.62%
|
Best 4-year fixed rate mortgage deals for up to 60% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
≤60%
|
100k and above
|
3.95%
|
3.92%
|
|
Bank of Ireland
|
≤60%
|
≥250,000
|
3.95%
|
4.90%
|
|
PTSB
|
≤60%
|
<250,000
|
4.40%
|
4.16%
|
|
AIB
|
≤50%
|
>250,000
|
4.60%
|
4.19%
|
Best 4-year fixed rate mortgage deals for 60% to 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
61% - 70%
|
100k and above
|
4.00%
|
3.94%
|
|
Avant Money
|
71% - 80%
|
100k and above
|
4.05%
|
3.95%
|
|
PTSB
|
61% - 80%
|
<250,000
|
4.50%
|
4.26%
|
|
AIB
|
51% - 80%
|
>250,000
|
4.75%
|
4.38%
|
Best 4-year fixed rate mortgage deals for 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Bank of Ireland
|
>80%
|
≥250,000
|
3.95%
|
4.50%
|
|
Avant Money
|
81% - 90%
|
100k and above
|
4.10%
|
4.11%
|
|
PTSB
|
>80%
|
<250,000
|
4.75%
|
4.62%
|
|
AIB
|
>80%
|
>250,000
|
4.85%
|
4.54%
|
Best 5-year fixed rate mortgage deals for up to 60% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Bank of Ireland
|
≤60%
|
≥250,000
|
4.25%
|
4.9
|
|
AIB
|
≤50%
|
>250,000
|
4.65%
|
4.29%
|
|
PTSB
|
≤60%
|
≥250,000
|
4.65%
|
4.33%
|
|
Bank of Ireland
|
≤60%
|
<250,000
|
4.75%
|
4.80%
|
|
PTSB
|
≤60%
|
<250,000
|
4.85%
|
4.43%
|
Best 5-year fixed rate mortgage deals for 60% to 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
61% - 70%
|
100k and above
|
4.00%
|
3.96%
|
|
Avant Money
|
71% - 80%
|
100k and above
|
4.05%
|
4.10%
|
|
Bank of Ireland
|
61%-80%
|
≥250,000
|
4.25%
|
4.50%
|
|
PTSB
|
61% - 80%
|
≥250,000
|
4.75%
|
4.44%
|
|
Bank of Ireland
|
61% - 80%
|
<250,000
|
4.75%
|
4.90%
|
|
AIB
|
51% - 80%
|
>250,000
|
4.80%
|
4.47%
|
Best 5-year fixed rate mortgage deals for 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Bank of Ireland
|
>80%
|
≥250,000
|
4.25%
|
4.60%
|
|
Bank of Ireland
|
>80%
|
<250,000
|
4.75%
|
4.90%
|
|
Haven
|
>80%
|
Any Amount
|
4.85%
|
4.60%
|
|
AIB
|
>80%
|
>250,000
|
5.00%
|
4.68
|
|
PTSB
|
>80%
|
≥250,000
|
5.00%
|
4.78%
|
Best 7-year fixed rate mortgage deals for up to 60% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Bank of Ireland
|
≤60%
|
≥250,000
|
4.30%
|
5.20%
|
|
PTSB
|
≤60%
|
<250,000
|
4.85%
|
4.59%
|
|
AIB |
≤50%
|
>250,000
|
4.90%
|
4.58%
|
Best 7-year fixed rate mortgage deals for 60% to 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
61% - 70%
|
100k and above
|
4.00%
|
4.00%
|
|
Avant Money
|
71% - 80%
|
100k and above
|
4.05%
|
4.11%
|
|
Bank of Ireland
|
61%-80%
|
≥250,000
|
4.30%
|
4.50%
|
|
PTSB
|
61% - 80%
|
<250,000
|
4.95%
|
4.70%
|
Best 7-year fixed rate mortgage deals for 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
81% - 90%
|
100k and above
|
4.10%
|
4.14%
|
|
Bank of Ireland
|
>80%
|
≥250,000
|
4.30%
|
4.60% |
Best 10-year fixed rate mortgage deals for up to 60% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
≤60%
|
100k and above
|
3.95%
|
4.00% |
|
AIB
|
≤50%
|
>250,000
|
5.05%
|
4.90%
|
|
Bank of Ireland
|
≤60%
|
<250,000
|
5.05%
|
4.80% |
Best 10-year fixed rate mortgage deals for 60% to 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
61% - 70%
|
100k and above
|
4.00%
|
4.04% |
|
Avant Money
|
71% - 80%
|
100k and above
|
4.10%
|
4.17%
|
|
Bank of Ireland
|
61%-80%
|
<250,000
|
5.05%
|
5.20%
|
|
Haven
|
61%-80%
|
Any Amount
|
5.15%
|
5.00%
|
|
AIB
|
51% - 80%
|
>250,000
|
5.20%
|
5.07%
|
Best 10-year fixed rate mortgage deals for 80% LTV
| Mortgage Lender | Loan to Value | Amount | Interest Rate | Indicative APRC |
|---|---|---|---|---|
|
Avant Money
|
81% - 90%
|
100k and above
|
4.10%
|
4.17% |
|
Haven
|
>80%
|
<250,000
|
5.25%
|
5.40% |
|
Bank of Ireland
|
>80%
|
<250,000
|
5.25%
|
5.40%
|
|
AIB
|
>80%
|
>250,000
|
5.30%
|
5.20%
|
How to choose the best mortgage deals?
When you decide to buy a home, you need to educate yourself on the home buying process and shop around and see what lenders are offering. Here is a list of things you need to do choose the right mortgage.
- Work out how much you can afford
- Have a settings goal for home deposit and other costs.
- Decide which type of mortgage right for you
- Educate how mortgage interest rates work
- Consider the length of the mortgage
- Begin to shop around for mortgage.
>> Read More: Best Mortgage Rates in Ireland
What first time buyer schemes are available?
Help to buy scheme: The Help to Buy (HTB) scheme is an incentive for first-time buyers that will help you with the deposit you need to purchase or self-build a new house or apartment. It only applies to properties that cost €500,000 or less which you must live in as your home. The Help to Buy Scheme gives a refund of the income tax and Deposit Interest Retention Tax (DIRT) you have paid in Ireland for the 4 years before the year you apply.
First home scheme: The First Home Scheme (FHS) is an affordable housing scheme, which supports you to buy a new home or to build your first home. The FHS is a shared equity scheme. This means that the government and participating banks pay up to 30% of the cost of your new home in return for a stake in the home. If you want, you can buy back the stake at any time, but you don’t have to.
Local Authority Affordable Purchase Scheme: This scheme helps people on moderate incomes to buy new homes at reduced prices. New homes under this scheme are located in areas with the greatest housing need and where affordability is an issue. The local authority takes a percentage stake in your home that covers the reduction in price. So, if you buy the home at a 20% discount, the local authority will have a 20% stake in your home.
Useful links for first time buyers
First time buyer mortgage deals FAQs?
Do first time buyers pay stamp duty?
Stamp Duty is chargeable on instruments that transfer land and buildings situated in Ireland. Stamp Duty is also chargeable on instruments that transfer property as a gift, certain written agreements or contracts to transfer property, certain written agreements to lease, instruments that relate to Irish property or something done or to be done in Ireland, regardless of where they are executed. First time buyers are liable to pay for stamp duty.
How can I improve my chances of getting a first time buyer mortgage?
To improve your chances of getting a mortgage:
- Start early in managing your finance and be responsible in your spending.
- Start early to set aside money for your deposit
- Educate yourself on finance and home buying process
- When you are ready consult with a financial advisor or mortgage broker
How much deposit do first time buyers need?
First time buyers are offered a higher loan to value than any other category of buyers such as home movers, switchers or buy to let. First time buyers can get up to 10% of the property value for deposit.
What is the lending limit for first time buyers?
Loan to Income limit is the amount of money that can be borrowed by a buyer to purchase a residential property based on their income. The LTI limit restricts the amount of money you can borrow to a maximum of 4 times gross income for first-time-buyers and 3.5 times gross income for second/subsequent buyers, for example, a first-time buyer couple with a combined income of €100,000 can borrow up to a maximum of €400,000. A second and subsequent buyer with the same income can borrow up to a maximum of €350,000.
