You're a First-Time Buyer
One step closer to your new home
Your questions, answered
How much can I borrow based on my income?
Under Central Bank rules, first-time buyers can generally borrow up to four times their gross annual household income. For example, a combined income of €80,000 allows for a mortgage of €320,000. Use our mortgage affordability calculator on bonkers.ie to get an idea, or talk to one of our advisors for a more accurate figure.
What specific documents do I need to apply?
First-time buyers typically need six months of current account and savings statements (including Revolut), three months of payslips, a salary certificate signed by your employer and an employment details summary if you are a PAYE worker. Requirements for self-employed people vary, so speak to an advisor to find out.
How long does approval take once I apply?
Once a first-time buyer submits a full application with all required documents, receiving 'Approval in Principle' usually takes five to ten working days. However, issuing the formal loan offer after finding a property can vary greatly, depending on how quickly the valuation and legal checks are completed.
Do I need a solicitor before I apply?
You do not need a solicitor to apply for mortgage approval. However, you should identify one early in the process as you will need to provide solicitor details to the bank once you go "sale agreed". We can connect you with solicitor partners who provide a streamlined conveyancing service for bonkers.ie customers.
Can I use a cash gift for my deposit?
Yes, lenders accept gifts from family members toward your deposit. You will need a 'Gift Letter' signed by the donor stating the money is a gift, not a loan, and that they have no interest in the property. Gifts over a certain amount may require a deed of confirmation. The threshold varies by bank but is often around €25,000.
What is a mortgage exemption and how do I get one?
An exemption allows a first-time buyer to borrow more than the standard 4 times your income limit (e.g. 4.5 times). Lenders have a limited quota of exemptions per year. They are discretionary and usually awarded to applicants with higher incomes and those with excellent financial management records.