A GUIDE FOR FIRST-TIME BUYERS: GETTING ON THE PROPERTY LADDER

Purchasing your first home is one of the most significant financial decisions you will make. In Ireland, rising property prices and strict lending rules mean that preparation is essential. With the right planning, awareness of government supports and a clear roadmap, first-time buyers can take their first step onto the property ladder.

Step-by-Step Timeline for First-Time Buyers

12+ Months Before Buying

• Review your finances – Assess income, debts and spending habits. Lenders will look closely at your ability to save consistently.

• Check your credit record via the Central Credit Register to ensure there are no issues.

• Start saving for your deposit – Remember, you’ll need at least 10% of the purchase price, but more is always better.

  
  

9–12 Months Before Buying

• Explore government schemes – Familiarise yourself with supports such as:

  • Help to Buy (HTB) – up to €30,000 tax refund for new builds.

  • First Home Scheme – State shared equity up to 30%.

  • Local Authority Home Loan – a mortgage option for those who cannot secure enough through banks.

• Tidy up your bank statements – avoid large, unexplained transactions or irregular spending that could raise questions with lenders.

6–9 Months Before Buying

• Meet with a mortgage broker or bank – Get a sense of how much you may be able to borrow.

• Work out your budget – Include not just mortgage repayments but also insurance, utilities and additional purchase costs.

• Continue building savings discipline – lenders want to see a consistent record of saving.

3–6 Months Before Buying

• Apply for Approval in Principle (AIP) – This gives you clarity on your borrowing limit and signals to sellers that you’re a serious buyer.

• Begin property research – Identify areas within your budget and explore both established and emerging commuter towns.

• Factor in long-term suitability – transport links, schools and infrastructure plans can all affect future value.

  
  

1–3 Months Before Buying

• Actively view properties – Prioritise homes that align with your financial position and qualify for government supports.

• Engage a solicitor – Choose one with property experience to manage the legal process.

• Budget for extras – include legal fees, surveys, valuation, stamp duty (1% up to €1m) and moving costs.

On Sale Agreed

• Pay the booking deposit – a refundable deposit (usually a few thousand euro) to secure the property.

• Finalise your mortgage – submit all required documents for full loan approval.

• Complete surveys and contracts – your solicitor and surveyor will ensure the property is sound and all paperwork is in order.

Closing the Sale

• Pay the balance of the deposit and associated fees.

• Draw down the mortgage – once approved, funds are released to complete the purchase.

• Collect the keys – congratulations,  you’re officially a homeowner!

Key Considerations Along the Way

• Stay realistic – Your first home doesn’t need to be your forever home. Focus on affordability and potential growth.

• Plan for interest rate changes – ensure your budget can absorb increases.

• Seek professional advice – mortgage brokers, solicitors and financial advisors can add significant value at each stage.

Final Thoughts

For first-time buyers in Ireland, getting onto the property ladder requires discipline, forward planning and a strong understanding of both the financial and legal processes involved. By following a clear timeline; starting with saving and credit checks, right through to mortgage approval and closing, you can take control of the process and increase your chances of success.

Your first home is a foundation for long-term financial security. With preparation and persistence, it’s an achievable goal.