Guide to Mortgages in the Republic of Ireland

Buying property in the Republic of Ireland

If you want a mortgage in the Republic of Ireland please fill in this form

Guide to Mortgages in the Republic of Ireland

How much can I borrow?

As a non resident the max you can borrow is 65% LTV. This means you will need a deposit of at least 35% (and perhaps as much as 40% because the lender may need to see the first 6 months of mortgage payments in your account as well).

What are the Rates?

This will vary depending on where and what you buy as well as your own circumstances but typically are in the 3.1-3.75% range; investment properties may be higher at approx 4-5%

Are there any income requirements?

Your income will be a key element of the application. Irish banks will need to see that it is consistent and sustainable and if it's in a currency other than Euros, they will haircut your income by 20% to allow for FX movements before looking at your disposable income. If you have other mortgage/loan commitments or dependents these factors will affect the calculation of your net disposable income.

Do I need to be an Irish citizen?

In theory the banks tell us you don't need to hold an Irish passport but in practice we see that having at least one Irish person on the application increases your chances of success. Non-Irish citizens can get mortgages but they either need to be residents in the UK (there are special arrangements for UK residents buying in Ireland) or they have to set up an Irish-registered company through which they then buy and hold the property. A company for this purpose costs about €500 + VAT to set up and there will be annual fees thereafter to maintain regulatory returns.

Are there age restrictions for applicants?

Yes, the mortgage will need to be paid off by the time you are 65. So if you're applying at age 55 the max loan term is 10 years and this has an impact on the affordability calculations. One possible option around this though is to buy the property in an Irish-registered company but this comes with extra cost and paperwork.

Any other requirements?

Yes, you cannot be a First Time Buyer. If you own your own property or have previously owned property (anywhere in the world) then you can apply. However, if you have never owned any property anywhere in the world before, we cannot assist.

Can I buy a Buy to Let or Investment property in the Republic of Ireland?

Yes. The preferred loan purpose is for a holiday home but we do have lenders that will allow you buy an investment property and they will even allow some of the rental income in the affordability calculations. To do this you will either need to be resident in the UK (there are special arrangements for UK residents) or you can buy the property via an Irish-registered company (a process we can assist you with).

Can I get development finance or self-build mortgages in the Republic of Ireland.

No. Mortgages to non-residents are only available to buy finished properties and only as a holiday home or a home you intend to move to when repatriating.

Can I get a mortgage to buy a farm or land in the Republic of Ireland?

No. We currently do not have any lenders that will provide mortgage finance for buying land or farms in Ireland. Houses/Flats only.

What else do I need to know about Irish mortgages?

The minimum loan size we will process is €75,000, the normal term is 25 years (like in the UK) but the loan must be paid off before the oldest applicant is 65.

What is the legal process like?

The Irish legal system is based on the UK one so should be familiar to many UK buyers. In general you will need to allow 1-2 months to complete a purchase and we will connect your with solicitors experienced in conveyancing in the Irish system (if you need one). Expect to pay €2-300 for a valuation, legal fees of circa €2,000 and Stamp Duty of 1%.

Any other advice for buying property in the Republic of Ireland?

Where you buy is key. If you are buying a flat in Dublin or a holiday home in West Cork then lenders are likely to be more amenable to your application than if you were buying in a small provincial town or an isolated rural setting. Things are getting better but credit is still limited.


Lastly, to get the best rates on your foreign exchange transactions we strongly recommend you open an account with HiFX. Quite simply, they will provide a far better exchange rate than your bank and they can do one off transactions or allow you to lock in a guaranteed FX rate on mortgage payments for up to one year in advance. To find out more and sign up, visit their website here http://www.hifxonline.co.uk

Overseas Mortgages are not regulated by the Financial Conduct Authority, nor are they protected by the Financial Ombudsman Service or Financial Services Compensation Scheme. They may not be covered by the home regulator of the country concerned either, so you should consider the risks carefully.

  • Loans of up to 65% LTV are available plus you need to show savings to make first 6 mortgage payments
  • Minimum loan is €50,000 and maximum loan is €500,000
  • Maximum Debt To Income Ratio (DTIR) is 40%. Max age for repayment is 65
  • You must have a connection to Ireland e.g. be a citizen, have family there etc.

Frequently Asked Questions


What is the maximum LTV available?    

For non-residents the max LTV is usually 65%, maybe 70% in some rare cases.

What will it cost to arrange my mortgage?    

The fee to help prepare your mortgage varies from country to country but will be made clear to you in advance. It is usually 1-1.5% of the mortgage amount.

Will my UK credit record affect the success of my application?    

 Yes, it is a key factor in the eligibility criteria.

What is the min/max mortgage available?    

We only arrange mortgages of at least approx €100,000/$100,000. LTVs available vary from country to country but generally are n higher than about 70%

How important is my income?    

This is hugely important. Most overseas countries look at the Debt to Income ratio i.e. the percentage of your total net monthly income that is used to make debt repayments such as domestic mortgages, personal loans, car payments, credit cards AND the mortgage you are now applying for. Depending on the country you wish to buy in, this DTIR is generally between 30-40% so can be quite strict. In our experience this is the single biggest obstacle faced by UK buyers when looking to purchase overseas.


What is needed to apply

Applying for an Irish Mortgage is very easy. Below are listed the things you need in order to apply.

  • Eligibility CriteriaClean credit, big income and big deposit plus proof of ability to make first 6 months' mortgage payments
  • Documents RequiredInitially just an application form but in time you will be asked to prove income and ID
  • Additional CommentsThe entire process takes 6-8 weeks depending on the location you are buying in

To be very honest, getting a mortgage in the Republic of Ireland is not easy. Put simply you need a big deposit, big income, clean credit and you probably need to be an Irish citizen or have some strong connection to the country. Oh and you can't be buying for investment - only holiday homes or buying with an intention to move home will qualify. However, if you meet these criteria then we can help. Please call to discuss your circumstances.

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