First-Time Buyers in Ireland 2026: What to Expect When Getting a Mortgage

Photo by Robert Anasch on Unsplash

For many in Ireland, buying your first home is one of life’s biggest milestones, and in 2026, it’s both exciting and challenging. The property market has been continuing its upward trajectory in recent years, with median home prices now significantly higher than a decade ago, strong demand and limited supply keeping pressure on buyers. Here’s a clear, practical guide for Irish first-time buyers preparing for the mortgage process this year.

Where Property Prices Stand in 2026

Understanding current home values across Ireland is essential before you even start looking at mortgages.

According to recent Central Statistics Office (CSO) data, national median home prices were around €381,000 in late 2025, with regional variation across the country. 

Median prices by general region (approximate):

• Dublin: ~€495,000 (with affluent areas like Dún Laoghaire-Rathdown considerably higher).
  
• Rest of Ireland: homes typically average lower, but strong growth continues outside Dublin.
  
• Most affordable counties: e.g., Donegal and Leitrim can see median prices closer to ~€190,000–€200,000.
  

For first-time buyers, these figures mean you’re likely to be aiming for significantly different price points depending on location, and a mortgage plan needs to reflect that.

What Lenders Expect in 2026

Getting a mortgage isn’t just about finding a property you love, it’s about proving to a lender that you can afford it. Central Bank of Ireland rules still shape what most banks and lenders will approve.

1. Minimum Deposit Requirements

• First-time buyers are generally required to provide a minimum 10% deposit of the property’s value.
  
• For example, on a €300,000 home, you would need at least €30,000.
  
• Saving more, even beyond the minimum, can significantly improve your chances of approval and reduce your monthly repayments.
  

2. Loan-to-Income (LTI) Limits

• Most first-time buyers can borrow up to 4 times their gross annual income.
  
• A couple earning €80,000 between them could, in theory, borrow up to around €320,000.
  
• Bear in mind lenders also assess affordability based on expenses, credit history and overall financial position.
  

3. Allowances

• Lenders have some flexibility to exceed standard deposit or income limits for a small proportion of mortgages each year, but these are exceptions rather than the rule.
  

Understanding these rules before applying helps you gauge what price range you’re realistically targeting and avoid wasted time looking at homes beyond your borrowing capacity.

How to Get Mortgage-Ready

Getting your finances in order is vital well before you step foot on a viewing or submit an offer. Here’s how to prepare:

1. Save a Comfortable Deposit

While 10% is the minimum, aiming for 15–20% or more can improve affordability and negotiate better interest rates.

2. Use a Mortgage Calculator Early

Mortgage calculators give you a realistic estimate of how much you might borrow and your monthly payments based on your income, deposit and interest rate. This helps set expectations before talking to brokers or lenders.

3. Check Your Credit and Documentation

Lenders will look for:

• Good credit history
  
• Stable employment and income proof
  
• Savings history showing you can manage regular outgoings
  

Getting these documents organised early, payslips, bank statements, proof of deposit, will make the formal application smoother.

4. Consider Government Support

Budget 2026 confirmed that some key supports remain in place:

• The Help-to-Buy scheme has been extended, offering up to €30,000 in income tax relief toward the deposit for new builds under a value cap.
  
• The First Home Scheme (shared equity) is available for new builds, where the government holds part of the equity to lower your upfront costs.
  
• Extended rent tax credits make saving easier for those still renting while saving for a deposit.
  

Understanding and planning for these supports can dramatically improve your ability to buy a home.

What’s New or Changing in 2026

Market dynamics

House prices have continued to rise steadily, with national growth of around 7–8% year-on-year into 2025 and into early 2026. Although price growth may moderate from the double-digit highs seen previously, affordability remains a significant challenge.

Government support measures

Initiatives in Budget 2026 are designed to support long-term supply and affordability, including:

• Continuation and extension of Help-to-Buy.
  
• First Home Scheme and other affordable housing supports.
  

While not a silver bullet, these measures provide practical help to first-time buyers navigating tough markets.

What to Expect at Each Stage of the Mortgage Journey

1. Pre-Approval

A lender will assess your income, deposit and expenses to issue an Approval-in-Principle (AIP). This gives you a clear budget when house-hunting.

2. Property Offer

Once you find a home within your AIP, your lender will finalise checks, including valuation and title review, before sanctioning the mortgage.

3. Legal and Closing Costs

Remember that the mortgage deposit is not the only cost. You should also budget for:

• Stamp duty (1% up to €1 million)
  
• Solicitor’s fees
  
• Valuation and survey fees
  
• Mortgage protection insurance
  

These add up, so prudent buyers save more than the minimum deposit.

Final Thoughts: Be Prepared and Get Advice

Getting your first mortgage in Ireland in 2026 takes realistic planning, patience and the right information. The combination of high property prices, structured lending rules, and ongoing market demand means buyers who prepare early and strategically will have the best chance of success.

Before you start house-hunting in earnest:
✔ Use mortgage calculators to set expectations
✔ Get save for a strong deposit
✔ Understand available supports like Help-to-Buy and the First Home Scheme
✔ Seek guidance from a mortgage broker or financial adviser

Owning your first home is a journey, and preparation makes all the difference. If you approach it with clarity and the right tools, you’ll be ready to make confident decisions when the right property comes along.