This guide will talk about the rules of a first time buyer mortgage in Ireland and we have written this page to help first time buyers determine their eligibility.
First-Time Buyer Mortgage Rules in Ireland: What are the main factors and what you need to know:
Buying your first home is one of life’s biggest decisions, and here in Cork, the journey is both exciting and competitive. At Hegarty Properties, we work with first-time buyers every day across East Cork and Cork city, and we know how important it is to understand your mortgage options before you begin your search.
Below is a clear, friendly breakdown of Ireland’s current first-time buyer mortgage rules and how they fit into today’s Cork property market.
Understanding the Mortgage Rules for First-Time Buyers
The Central Bank’s mortgage measures are designed to keep lending safe and manageable. While they may seem strict, they ultimately help buyers avoid taking on unsustainable debt, especially in areas like Cork where demand remains consistently strong.
How Much Deposit Do First-Time Buyers Need?
As a first-time buyer in Ireland, you’ll need a minimum 10% deposit.
This applies whether you’re looking at:
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a starter home in Midleton,
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a new build in Carrigtwohill,
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or a traditional terraced home in Cloyne.
A 10% deposit remains one of the biggest challenges for Cork buyers, but it’s achievable with planning, the Help-to-Buy scheme, and consistent saving.
How Much of a Mortgage Are You Eligible For? (Loan-to-Income Limits)
First-time buyers can borrow up to 4× their gross annual income.
So, if you earn €60,000 and your partner earns €40,000, your combined potential borrowing limit could be €400,000. Often enough to secure a modern family home in East Cork’s most popular areas.
Exceptions: When Buyers Can Borrow More
Banks can offer exceptions on a limited number of mortgages each year, allowing some buyers to:
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Borrow more than 4× income
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Secure a higher loan-to-value ratio
These exceptions can make a real difference, particularly for buyers trying to secure homes in high-demand Cork areas such as Midleton, Glanmire, or Douglas.
What These Rules Mean in Today’s Cork Market
The Cork market continues to perform strongly, with significant interest from:
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local first-time buyers,
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young families trading up,
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and returning Irish expats.
Here’s how the rules impact Cork buyers:
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The 4× income rule has boosted affordability for many first-time buyers.
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The 10% deposit is still the main hurdle, especially for new builds.
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Demand in Cork remains high, meaning buyers need to be prepared and mortgage-ready.
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AIP is essential before viewing properties, homes often move quickly.
Tips for First-Time Buyers in Cork
- Get mortgage approval-in-principle early
Homes in Cork can go sale agreed quickly, so AIP helps you act fast. - Budget beyond the deposit
Remember legal fees, surveys, stamp duty, and moving costs. - Explore government schemes
Both HTB and the First Home Scheme are widely used in Cork. - Talk to a local expert
At Hegarty Properties, we know the local Cork market inside out, and we’re always happy to guide first-time buyers.
Why Cork Is a Fantastic Place for First-Time Buyers
Cork continues to attract first-time buyers because of:
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Strong employment in pharma, tech, and healthcare
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Growing commuter options via rail and road
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Coastal lifestyle and award-winning food culture
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Huge new-build activity in East Cork
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Excellent schools and amenities
From the seaside charm of Whitegate to the vibrant cafés of Midleton, Cork offers something for every buyer.
How Hegarty Properties Supports First-Time Buyers
We take pride in offering:
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Honest, practical advice
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Local market knowledge
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Clear communication
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Support from viewing to closing
Buying your first home in Cork should be a joyful milestone, not a stressful one. We’re here to make the journey smooth, informed, and exciting.
Ready to Start Your Search?
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📞 Call our team: 021 463 9411
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📍 Visit us: 83 Main St, Midleton, Co. Cork, P25 R8E8.
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