One of the most common questions we hear from first-time buyers is:
“How much do I actually need saved to buy a house?”
The answer is often simpler than people think.
Many buyers spend years focusing on a target property price without fully understanding how mortgage deposit requirements work. The good news is that once you understand the rules, it becomes much easier to build a realistic savings plan.
Here’s what you need to know.
The Basic Rule for First-Time Buyers
For most first-time buyers in Ireland, the minimum deposit required is:
10% of the purchase price of the property.
For example:
| Property Price | Minimum Deposit |
|---|---|
| €250,000 | €25,000 |
| €300,000 | €30,000 |
| €350,000 | €35,000 |
| €400,000 | €40,000 |
This means that if you’re buying a home for €350,000, a lender can typically provide up to €315,000, with you contributing the remaining €35,000.
But the Deposit Isn’t the Only Cost
This is where many buyers get caught out.
While the mortgage deposit is usually the biggest upfront cost, it’s not the only expense involved in buying a home.
You should also budget for:
- Solicitor fees
- Valuation fees
- Survey costs (if applicable)
- Mortgage protection insurance
- Home insurance
- Stamp duty
These costs vary depending on the property and circumstances, but it’s important to factor them into your savings goal from the beginning.
What If I Don’t Have the Full Deposit Yet?
Don’t panic.
Many buyers start the process before they’ve reached their final savings target.
In fact, one of the most valuable things you can do early is find out:
- How much you may be able to borrow
- What deposit you’ll need
- How close you already are
Having a clear plan often makes saving feel much more achievable.
Do Lenders Only Look at the Deposit Amount?
No.
Lenders also look at how you built the deposit.
They’re interested in seeing evidence that:
- You’ve been saving regularly
- The savings are genuinely yours
- You can comfortably manage future mortgage repayments
This is why your bank statements are so important during the mortgage process.
A consistent savings pattern often tells lenders more than the final balance alone.
Can a Gift Help With My Deposit?
Yes.
Many first-time buyers receive help from parents or family members towards their deposit.
This is generally acceptable to lenders, provided:
- The gift is clearly documented
- It’s not expected to be repaid
- The lender is informed
Each lender has slightly different requirements, so it’s important to understand what’s needed before applying.
What About the Help to Buy Scheme?
If you’re purchasing a qualifying new-build property, the Help to Buy Scheme may help contribute towards your deposit.
The scheme is designed to assist first-time buyers and can significantly reduce the amount you need to save yourself.
Eligibility rules apply, and the amount available depends on your circumstances and the property you’re purchasing.
For many buyers, it’s worth exploring alongside their mortgage application.
How Much Should You Aim to Save Each Month?
There isn’t a perfect number.
What’s important is consistency.
For example, saving:
- €500 every month for 12 months
is often viewed more positively than:
- Saving very little for months and then lodging a large lump sum shortly before applying.
Lenders like to see a clear and sustainable pattern.
The Biggest Mistake First-Time Buyers Make
Many buyers assume they need every last euro saved before speaking to someone about a mortgage.
In reality, getting advice early can help you:
- Understand your borrowing potential
- Set a realistic savings target
- Identify any issues before applying
- Create a clear path towards home ownership
Sometimes buyers are much closer to being mortgage-ready than they realise.
Key Takeaway
For most first-time buyers in Ireland, you’ll need a minimum deposit of 10% of the property’s purchase price, along with additional funds to cover buying costs.
But lenders are looking at more than just the amount saved. They also want to see consistent savings habits, responsible financial management, and evidence that mortgage repayments are affordable.
At Which Mortgage, we help first-time buyers understand exactly where they stand, how much they may be able to borrow, and what steps they can take to get mortgage ready.
If you’re saving for a deposit or thinking about buying your first home, get in touch with us today and let’s start planning your next move.