First Time Buyer

For home buyers who have never, either on their own or with others, purchased a house, a site to build a house, or an apartment, in Ireland or abroad (both parties to a joint account must be First Time Buyers).

Product Features

In general, a mortgage of up to 3.5 times gross annual income (combined income for joint applicants) is available to first-time buyers.

In general, First-time buyers can borrow up to 90% of the property value. For example:

  • Property price €250,000
  • 90% of €250,000 = €225,000
  • Deposit required (10%) = €25,000

Both applicants must 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). The above limits can vary.

What do we look for?

Your customer’s track record

  • How the deposit has been built up by saving regularly
  • Rent paid through a bank account
  • Well managed day to day finances, i.e. current account in credit or within its overdraft – bills paid by direct debit to avoid missing payments

Mortgage repayment affordability

  • Funds available to cover additional costs such as legal and valuation fees
  • Information about other borrowings (existing debt will reduce the amount available to borrow for the mortgage)
  • We are keen to see that your customer will have money left each month to live comfortably after they have paid their mortgage – even if rates increase.


First Time Buyers can choose from our range of fixed and variable rate options.


We offer a wide range of fixed rate options from 12 months to 10 years. Customers can combine certainty of repayments with a measure of flexibility by choosing a ‘Twin rate’ loan, i.e. a portion fixed and the rest on variable.

3% Cashback Offer (Cashback PLUS)

Cashback PLUS is exclusively for Bank of Ireland current account customers who are buying a home (First Time Buyer or Mover) or who switch their mortgage to The Mortgage Store – Powered by Bank of Ireland.

  • Cashback PLUS is available on mortgages drawn down by 31st December 2020
  • 2% of the mortgage loan back as cash after drawdown
  • PLUS an additional 1% of the drawn mortgage loan in cash in five years’ time (for Bank of Ireland current account holders – subject to meeting the conditions of the mortgage)
  • Available with our full range of fixed and variable homeowner mortgage rates.
  • Cashback is not available with the High Value Mortgage fixed interest rate

2% Cashback offer

Applicants who don’t have a Bank of Ireland current account can still avail of our 2% Cashback offer.

  • 2% Cashback is available on mortgages drawn down by 31st December 2020
  • 2% of the mortgage loan back as cash after drawdown
  • Available with our full range of fixed and variable homeowner mortgage rates.
  • Cashback is not available with the High Value Mortgage fixed interest rate

For self-builds / phased payments, the first drawdown must be within the offer period to qualify for our Cashback offers and the final drawdown must be made within 18 months of first drawdown.

Cashback payments are made into the mortgage-paying current account within 45 days of drawdown (within 45 days of final drawdown for phased payments). Cashback PLUS payments will be made within 45 days of the 5th anniversary of (final) drawdown. Terms and conditions apply.

MortgageSaver Account

Exclusive offer for First Time Buyer applicants:

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 on your customers savings when they draw down their Bank of Ireland mortgage.

How to qualify for the First Time Buyer MortgageSaver Bonus Interest:

  • Your customer must be a First Time Buyer and have a personal current account in the Republic of Ireland.
  • They must save a minimum of €200, maximum of €2,500 per month for at least 6 consecutive months in a MortgageSaver Account.
  • Your customer must save a minimum of €5,000 in total before they draw down their BOI mortgage.
  • The mortgage must be drawn down within 30 months of opening the MortgageSaver account.
  • Use the money saved in the MortgageSaver account to help purchase their first home.
  • The bonus interest will be a fixed payment of €2,000, once your customer has €5,000 or more saved in their MortgageSaver account.

Bonus interest will only be paid on one MortgageSaver account on drawdown of the Mortgage.
Please note that to qualify for a First Time Buyer mortgage, both applicants must be First Time Buyers. “First Time Buyer Mortgage” means a mortgage where no party to the mortgage is currently or has previously been a borrower under a Housing Loan, either in Ireland or abroad, where a Housing Loan is defined as a loan secured on residential property where the borrower and /or their dependants intend to live.

When do I receive my MortgageSaver Bonus Interest?

  • Bonus interest is paid net of DIRT, once your BOI mortgage has drawn down;
  • We will contact you to let you know when the Bonus Interest has been paid into your MortgageSaver account;
  • Only one MortgageSaver Bonus Interest will be paid per Mortgage drawn down.

The following link should be used by your customers to open their mortgage saver account:

Mortgage Flexi-Options

First time Buyers can flex their mortgage to suit their lifestyle with our Flexi-options.

3-month payment break

A 3-month payment break up to three times over the life of the mortgage – really useful for extra expenses in a year such as the birth of a child or education fees. To be eligible:

  • The mortgage loan must be drawn down at least 2 years (if drawn in instalments, it must be at least 2 years since the final drawdown),
  • There must be at least 12 months between payment breaks,
  • Customer must have complied with all the terms and conditions of the mortgage.

Applications are subject to approval. Available on a Principle Private Dwelling only. Only available on annuity (standard capital and interest) repayment mortgages. Lending criteria and terms and conditions apply.

At the end of the Payment Break period repayments will be adjusted so that the mortgage will be repaid within its original term. I.e. the ‘Break’ repayments will be spread over the remaining mortgage, which means the new repayments will be higher than they were before the Payment Break.

Skip up to 2 payments a year

For a little extra to spend at certain times of the year – such as Christmas or holiday time – customers can spread their mortgage repayments in a year over 10 or 11 months and skip the other one or two.

For example, to skip the repayment in December to have some extra cash at Christmas time, we can arrange for the repayments to be higher for the rest of the year in order to spread the full 12 months’ repayments over 11 months.

Subject to meeting the conditions of the mortgage. Lending criteria and terms and conditions apply. Once the customer selects a skip month repayment option it will continue each year unless they ask us to change it.

Overpay a mortgage and save interest

Your customer can make Overpayments, either regularly or as lump sums, when they find themselves with extra cash. This will reduce their capital balance and they pay less interest. It may even reduce their term.

  • They can make regular or lump sum overpayments of any amount to a variable rate mortgage.
  • If on a fixed rate they can overpay up to 10% of their normal monthly repayment (or €65, whichever is greater), without incurring a fee.

Customers can cancel regular overpayments at any time. Overpayments made are not refundable.

Split the mortgage rate

  • With our Twin rate mortgage your customer can benefit from the certainty and stability of a fixed rate AND the flexibility of variable;
  • Put a portion of the mortgage on a variable rate and the remainder on a fixed rate. Your customer decides the split.

Lending criteria and terms and conditions apply.

Bring a fixed rate when moving home

  • Your customer can bring their Bank of Ireland fixed rate with them to their new mortgage without penalty as long as their new mortgage is drawn down within 6 months of redeeming their old mortgage.

Change a payment date

  • Your customer can change their repayment date to another one in the month that suits them better such as right after payday.

Applies to monthly repayments only. Subject to meeting the conditions of the mortgage. Customers can move their repayment date by up to 21 days. Their repayments will be recalculated so that their mortgage will be repaid by the originally agreed date.

Information and Legal Notices

The lender is The Governor and Company of the Bank of Ireland ( Bank of Ireland). Lending criteria and terms and conditions apply. Over 18s only. Mortgage approval is subject to assessment of suitability and affordability. Mortgages via The Mortgage Store – powered by Bank of Ireland are only available to Owner-Occupiers. You mortgage your property to secure the loan. We require property and life insurance. 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) but these limits may vary. A typical mortgage 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%). The total amount you pay is €148,114.60. APRC includes €150 valuation fee and mortgage charge of €175 paid to the Property Registration Authority. 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].
Warning: If you do not keep up your repayments you may lose your home.
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.
Warning: The cost of your monthly repayments may increase.
Warning: You may have to pay charges if you pay off a fixed–rate loan early.
Bank of Ireland trading as The Mortgage Store – powered by Bank of Ireland is regulated by the Central Bank of Ireland.