If you’re buying your first home in Ireland, one of the first steps is getting Mortgage Approval in Principle (AIP).
It’s what sets your budget, shows you’re a serious buyer, and allows you to start viewing properties with confidence.
What Is Approval in Principle?
Approval in Principle is an early indication from a lender of how much you may be able to borrow, based on your financial situation.
It’s not a full mortgage approval – but it tells you:
- Your likely borrowing limit
- That you meet basic lending criteria
- That you’re ready to begin house hunting
Why It Matters for First-Time Buyers
Getting AIP early helps you:
✔ Know your budget
You avoid wasting time looking at homes outside your price range
✔ Be taken seriously
Estate agents and sellers will expect you to have AIP before accepting an offer
✔ Move quickly
When you find the right property, you’re ready to act
What Do You Need to Get AIP?
Lenders will usually look at:
- Your income and job stability
- 3–6 months of bank statements
- Your savings and deposit
- Any loans or credit cards
- Your credit history
They’re checking that you can afford repayments and manage your money well.
How Much Can You Borrow?
Most first-time buyers in Ireland can borrow:
- Up to 4 times their income (depending on circumstances)
You’ll also need at least:
- 10% deposit
AIP gives you a realistic figure so you know exactly where you stand.
Is AIP Guaranteed?
No – it’s important to understand this.
Final approval still depends on:
- The property you choose
- A full review of your documents
- A valuation and legal checks
Think of AIP as your starting point, not the final step.
How Long Does It Last?
Approval in Principle usually lasts:
- 6 to 12 months
If it expires, it can normally be renewed.
Key Takeaway
Approval in Principle is the first real step in buying your home. It gives you clarity on your budget and puts you in a strong position when you start viewing properties.
At Which Mortgage, we help you secure your AIP quickly and make sure you know exactly what you can afford before you begin your search.
Ready to get started? Contact us today and we’ll help you secure your Approval in Principle and move one step closer to your new home.