How to save for a mortgage in Ireland
Saving for your first mortgage can feel like a tough process to start, but with the right approach, your dream home may be closer than you think. To get a mortgage in Ireland, you will need a minimum of 10% of the house value as a deposit amount. We’ve put together some tips for saving your deposit, beginning your journey to home ownership.
Quick summary: how to save for a house deposit
Start by estimating the deposit and additional buying costs you may need, then set a monthly savings target based on a realistic household budget. Keep mortgage savings separate where helpful, save consistently, retain evidence showing where the funds came from and avoid relying on your full savings balance for the deposit alone. A lender will assess affordability and repayment capacity as well as the deposit.
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Understand how much you need to save for your deposit
Before you start, find out exactly how much you’ll need.
- First-time buyers generally require 10% of the purchase price.
- Don’t forget to budget for additional costs like stamp duty (1% for most homes under €1 million), solicitor’s fees, and valuation reports.
- Having a target amount in mind will make your savings goal more tangible and motivating. Consider the location and type of home you want. This will help you set a more accurate target.
Current Central Bank mortgage measures generally require a minimum 10% deposit for both first time and second or subsequent buyers. See the Central Bank mortgage measures explainer. Individual lending decisions remain subject to affordability and lender criteria.
Example: How to save for a house deposit
A simple target when saving for a house is to divide the deposit you need by the amount you can save each month. The examples below show the deposit only and assume no interest, withdrawals or change in the target property price.
Example property price 10% deposit Example monthly saving Approximate saving period €300,000 €30,000 €1,000 30 months €350,000 €35,000 €1,000 35 months €400,000 €40,000 €1,000 40 months €450,000 €45,000 €1,000 45 months These examples are illustrative and show the deposit only. You may also need money for stamp duty, legal fees, valuation and survey costs, insurance, moving expenses and other costs. The amount you can borrow and the deposit required will depend on applicable mortgage measures, lender criteria and your individual circumstances.
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Put together a budget
When you’re looking to save money for a house deposit, the first step should be understanding your household budget. A detailed budget is a fantastic way to get an understanding of the money coming in and where it is being spent. This, in turn, will help identify areas where you can cut back and plan how much you can save towards a mortgage each month.
How much should I save for a mortgage each month?
Work backwards from your target and preferred timeline. For example, a €30,000 deposit saved over 30 months would require an average of €1,000 a month. If that target is not realistic, you could review the property budget, extend the timeline or reassess spending. Keep room for irregular bills and an emergency buffer rather than setting a target that leaves the budget too tight.
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Set a practical goal
It’s important to be honest and plan within your means. By setting a clear budget, you can determine how much you are able to save without putting unnecessary pressure on your everyday spending. Don’t forget to leave room for little extras such as birthday gifts, social events, or the occasional car repair. A flexible budget that includes treats and a small safety net lets you stay prepared without feeling like you are missing out.
Show a consistent savings and repayment pattern
The deposit is only one part of a mortgage assessment. Providers may review savings habits, spending patterns, existing commitments and whether you appear able to manage the proposed repayment. Regular transfers to savings can help create a clear record. Some applicants also demonstrate capacity by saving the difference between their current housing cost and the expected mortgage repayment, where affordable.
The CCPC guide to applying for a mortgage explains the financial factors providers may review.
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Set up a dedicated savings account
Since most of the money you save will likely remain untouched for a long period while you gradually build up your initial house deposit, it might be a good idea to keep these funds in a dedicated savings or deposit account. This allows your money to earn interest over time while also making you less likely to access this money for everyday expenses.
A separate account can also make it easier to see progress and evidence the source of your deposit. Compare access, interest, notice periods, fees and account terms before choosing where to hold savings.
Keep evidence of where your deposit came from
A lender may ask for evidence showing how the deposit was built. Keep statements for savings and investments and be prepared to document gifts or other lump sums. Avoid moving funds repeatedly between accounts without keeping a clear record, as additional evidence may be needed to explain the source.
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Check out government support
Certain financial support offered by the government may be able to help you with finally becoming the owner of your own home. Exploring the initiatives available to you is always worth considering.
For eligible first time buyers purchasing or self-building a qualifying new home, Help to Buy can provide a refund of Income Tax and DIRT paid, up to €30,000 and subject to the scheme’s conditions. Check eligibility and property rules before including any support in your savings target.
Review the current criteria on the official Help to Buy page.
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Boost your savings with small lifestyle changes
It’s not always about big sacrifices, small changes can really add up:
- Bring lunch to work instead of buying it.
- Cancel any subscriptions you don’t use.
- Be more conscious of cost when booking holidays.
Diverting these savings into your home deposit fund can keep you on track while still allowing room to have fun.
Automating the transfer shortly after payday can make the habit easier to maintain. Review the budget every few months and direct genuine savings from cancelled costs or lower bills to the deposit account.
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Budget for more than the deposit
Your savings target should normally include buying costs as well as the deposit. These can include stamp duty, legal fees and outlays, valuation, a structural survey, insurance, Local Property Tax, moving costs and an emergency buffer after completion.
Use our guide to the hidden costs of buying a house in Ireland to build a broader target.
Let Avant Money help you prepare
Our expert mortgage team can help you understand every step of the mortgage process and all the documents you need for a mortgage application. You can also use our Mortgage Calculator to help you manage your budget and understand how much you can borrow. Visit Avant Money First Time Buyer Mortgages for further information on the mortgage process for first time buyers.
For more information visit Avant Money Mortgages.
Frequently asked questions about saving for a mortgage
How much of a deposit do I need for a mortgage in Ireland?
First time buyers and second or subsequent buyers generally need a minimum 10% deposit under the Central Bank mortgage measures. Buy-to-let rules are different. A lender may offer less than the regulatory maximum based on affordability and its criteria.
How much savings do I need for a mortgage?
You need enough for the required deposit and should also plan for buying costs such as stamp duty, legal work, valuation, survey, insurance and moving. The exact amount depends on the property and your circumstances.
How long does it take to save a house deposit?
Divide your target by the amount you can save each month. A €35,000 target at €1,000 per month would take about 35 months before allowing for interest, withdrawals or changing property prices.
Can I get a mortgage with no savings?
A lender will assess the source of your deposit and your ability to manage repayments. Even where an eligible support or gift contributes to the deposit, the lender may still consider savings behaviour, affordability and repayment capacity.
How do I start saving money for a house?
Review typical asking and selling prices of similar homes in the area you're looking at. Beware asking prices in Ireland can vary to the sold price. The property register Residential Property Price Register can show you what a specific home actually sold for to understand the property budget required. Then calculate the deposit needed based on the price range of your chosen property. Factor in the average house price inflation in the event house prices increase if you will not be in position to purchase for a longer period.
Should I use a separate account for mortgage savings?
A separate account for mortgage savings is not the only approach, but it can make progress easier to track and help keep deposit funds apart from day-to-day spending. Compare the deposit account terms, access, and interest before deciding. See how the savings options available with Bankinter if you’re interested in setting up a deposit account.
Do I need to save the same amount every month?
Consistency can make progress and evidence clearer, but household costs can change. Set a sustainable target and record any larger or irregular contributions so their source can be explained.
Lending criteria and terms and conditions apply. The monthly repayment on a 20-year mortgage with Loan to Value (LTV) greater than 80% with variable borrowing rate of 3.95% on a mortgage of €100,000 is €603.35 for 240 months. Total amount repayable is €145,028.74. If interest rates increase by 1% an additional €53.85 would be payable per month. For this example, Annual Percentage Rate of Charge (APRC) of 4.0% applies and consists of variable borrowing rate of 3.95%, valuation fee of €185, and security release fee of €40.
LTV is the amount borrowed as percentage of the value of your home. Information correct at 1st September 2026 and subject to change. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income (4.0 for first time buyers) and 90% of the property value (80% for switchers). Applications from residents of ROI over the age of 18 only, and subject to repayment capacity, financial status and property valuation. We require property and life insurance.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit report which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or BNPL agreement in the future.
Warning: You may have to pay charges if you pay-off a fixed rate loan early.
Warning: If you do not keep up your repayments, you may lose your home.
Warning: Your interest rate may increase and the amount of your repayments may increase as a result.
Bankinter S.A. trading as Avant Money, is authorised by the Banco de Espana in Spain and is regulated by the Central Bank of Ireland for consumer protection rules.