You will need to save a deposit for your house. Different Central Bank of Ireland rules apply to the amount of deposit you need depending on whether  you are a first-time buyer or not.

First-time buyers

If you are a first-time buyer a 90% limit will apply to the mortgage you can get. So you will need a minimum deposit of 10%.

The Help to Buy (HTB) incentive is a scheme for first-time buyers The amount that you can claim is the lesser of:

• €20,000
• 5% of the purchase price of a new home. For self-builds this is 5% of the completion value of the property
• the amount of Income Tax and Deposit Interest Retention Tax (DIRT) you have paid in the four years before your purchase or self-build.

The maximum payment is €20,000 per property. You can find more information about the scheme from Revenue.

In order to help you save a deposit, it’s important to work out where your money is going and how much you can afford to put away. CCPC has lots of tools to help you:

• The spending calculator can help you work out what you are spending your money on now and where you can cut back.
• They also have lots of handy money saving tips to help you save your deposit.
• Opening a regular savings account is a good way to help you save a deposit, and will also show any mortgage lender that you have a solid savings record. This will be important when you apply for a mortgage. Their regular savings comparison tool will help you compare the different savings accounts available.