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Applying for a mortgage in 2023: New lending amounts for First-Time Buyers

The Central Bank of Ireland has introduced a new mortgage measures framework. First-time buyers will now be able to borrow up to 4 times their gross income from January 2023, whereas previously the amount was at 3.5 times. 

Mortgage lenders use varying criteria, limits and specific ECB rules when it comes to how much they are willing to lend an applicant within the Irish market. Previously the maximum lending amount was 3.5 times the gross income, whereas from 2023 it has increased to 4 times for first-time buyers. Second & subsequent buyers will continue to be able to borrow up to 3.5 times their gross income. 

Loan-to-value (LTV) limits for first-time buyers will remain at 90%. Whereas, the LTV limits for second & subsequent buyers will now increase to 90%.

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What are mortgage lending amounts?

The limit-to-value (LTI) limit restricts the amount of money that can be borrowed based on the applicant's gross income. 

The loan-to-value (LTV) ratio means that the applicant needs a deposit of a certain amount before they can get a mortgage. There are different limits in place depending on what category of buyer you are:

First-time buyers need to have a 10% deposit

Second and subsequent buyers need to have a 20% deposit

LTI VS LTV

Who is considered a first-time buyer under the new measures?

New flexible measures have been introduced to LTV ratios in terms of those who are now considered first-time buyers such as: 

A potential home-buyer who has never owned residential property.

From a “fresh start” perspective, borrowers who are divorced or separated or have undergone bankruptcy or insolvency may be considered first-time buyers for the new mortgage measures (where they no longer have an interest in the previous property).

First-time buyers who get a top-up loan or re-mortgage with an increase in the principal may be considered as “first-time” buyers, provided the property remains their primary home.

New measures for FTBs

Schemes available to help with your mortgage

The FHS is a shared equity scheme, designed to help bridge the gap for a first-time buyer and other eligible homebuyers between their deposit and mortgage, and the price of their new home. The scheme only applies to newly built homes or apartments within a private development within the Republic of Ireland.

This scheme can fund up to 20% of the purchase price of your new property if the 

 is being used or 30% if the HTB is not being used.

Find out more about the FHS scheme 

Schemes 

It’s a tax rebate scheme provided by the Irish government for first-time homebuyers;

The Help to Buy (HTB) scheme is an incentive for first-time buyers of newly built homes. It will help with the deposit when purchasing a new-build house or apartment.

Help to Buy cannot be used to purchase previously owned or second-hand homes.

Find out more about the HTB scheme 

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