First Time Buyer Mortgage

When buying your first home, we know you’ll need some help along the way. That’s why’ve designed our mortgage service around you.

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Whatever you need, we have the mortgage for you

Buying your first home can be daunting and it can be hard to know where to start. But buying your home doesn’t need to be stressful.

How do I know what I can borrow?

In general, a mortgage of up to 3.5 times your gross annual income (combined income for joint applicants) is available to first-time buyers. We may be able to lend you more than this so it’s important to talk to us as early as possible about your plans. The amount you can borrow will depend on your individual circumstances and is subject to lending criteria, terms and conditions. First-time buyers can borrow up to 90% of the property value. In the table below, we have an example of this:

First time buyer mortgage example
Property Price€250,000
Mortgage amount (90% of €250,000)€225,000
Deposit required (10% of €250,000)€25,000

If you’re buying with someone else you must both be first time buyers for the mortgage to be considered a first-time buyer mortgage. Terms of up to 35 years are available to first-time buyers (to maximum age 70).

Deferred Start Option

You can choose not to make mortgage repayments for the first 3 months, to give you some breathing space when you move into your new home. 3 months’ deferred payment is optional and subject to approval. After the deferred payment period, repayments are adjusted to repay the loan within its original term. The cost of the loan will be higher. A life policy is required for an amount equal to 102% of the loan.

9 Great reasons to choose Bank of Ireland for your mortgage

  • At Bank of Ireland we understand the challenges facing First Time Buyers in saving to buy a home. We want to help, with a €2,000 Bonus Interest (less DIRT) on your savings when you draw down your Bank of Ireland mortgage. Ask us about our First Time Buyer MortgageSaver Bonus.

    Available for first time buyers only who draw down a mortgage with us within 30 months of MortgageSaver account opening. MortgageSaver provided by Bank of Ireland. Bank of Ireland is regulated by the Central Bank of Ireland. Bonus Interest subject to DIRT at the prevailing rate, paid after drawdown. Details at bankofireland.com/mortgagesaver. Terms and conditions apply.

  • We’ll give you 2% Cashback when you drawdown your new mortgage with us. If you’re a Bank of Ireland current account customer buying a home (First Time Buyer or Mover) or switching your mortgage to us, you can also qualify for Cashback PLUS – we’ll give you an extra 1% of your mortgage back as cash after 5 years.

    Extra 1% cashback subject to meeting the conditions of the mortgage. Available to Bank of Ireland current account customers who drawdown new between 5 September 2016 and 31 December 2022. Terms and conditions apply.

    Cashback is not available with the High Value Mortgage fixed interest rate.

    Find out about our Cashback PLUS offer.

  • We have a range of competitive fixed and variable interest options that includes fixed rates from 1 year to 10 years. We will be happy to talk you through them.

    View our first time buyer rates.

    We also have a Green Mortgage fixed interest rate and a High Value Mortgage fixed interest rate – click for more information.
    (Terms and conditions apply. Cashback is not available with the High Value Mortgage fixed interest rate.)

  • Have a look at how you can flex your mortgage to suit your lifestyle with our Flexi-Options.

  • We have 250 branches nationwide where you can talk to qualified mortgage specialists, and we can meet you when and where it suits you best – at home or at work, even at the weekend

    Find your local branch.

  • We can go through your application from end to end with you over the phone. Call us on 0818 365 345 – we’re available at the following times:

    Mortgage phone times
    Weekdays (excluding bank holidays)9am – 5pm
  • You can start your mortgage application online in minutes.

  • This is an approval for a mortgage amount even before you’ve chosen a suitable property. This means you can search for a suitable property with confidence knowing your finance is in place.

  • The Green Mortgage fixed interest rate is a discount of 0.30% off our standard mortgage loan fixed rates. The Green Mortgage fixed interest rate is available to you if you are buying a property that has a Building Energy Rating (BER) of B3 or better or are borrowing to build or up-grade your home so that it has a BER rating of B3 or better, AND you draw down your new mortgage loan between 18 July 2019 and 30 June 2022. Click here for full details and terms and conditions.

Ready to move ahead?

Book an appointmentApply online

You can also request a callback or give us a call on 0818 365 345.

Our phone lines are open at the following times:

Monday – Friday: 9am – 5pm

Get all the information on Buying, Looking and Saving for your First Home.

Read our articles, exclusively for First Time Buyers.

Are you buying or building a property with a high level of energy efficiency?

Now you can apply for Bank of Ireland’s Green Mortgage fixed interest rate.

The lender is Bank of Ireland Mortgages. Lending criteria and terms and conditions apply. A typical mortgage to buy your home of €100,000 over 20 years with 240 monthly instalments costs €615.79 per month at 4.2% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to the Property Registration Authority. The total amount you pay is €148,114.60. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income and 80% of the property value (90% of the property value for first-time buyers). A 1% interest rate rise would increase monthly repayments by €54.02 per month. The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home. Available to over 18s only.

Warning: The cost of your monthly repayments may increase.
Warning: If you do not keep up your repayments you may lose your home.
Warning: You may have to pay charges if you pay off a fixed–rate loan early.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future change.

Ready to move forward with your application?

Book an appointment Apply online Information & Legal notices

You can also request a callback or call us on 0818 365 345. Our phone lines are open Monday to Friday from 9am – 5pm.

Bank of Ireland Mortgage Bank u.c. trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland