Michelle Maloney (QFA)

Stepping onto the property ladder can feel huge but it doesn’t have to be a mystery. My First Time Buyer Checklist is all about giving you clear, practical steps so you know exactly where you stand before you start scrolling on Daft or on your local agent’s website.

Michelle’s First Time Buyer checklist

Aim for a minimum 10% deposit

[This can be made up of savings, a gifted deposit, and/or Help to Buy if you are purchasing a new build up to €500,000.]

Allow for the extras

[On top of your deposit, budget 1% of the purchase price for stamp duty and roughly €3,000 for solicitor, valuation and other buying costs.]

Know your borrowing power

[As a guideline, most buyers can borrow up to 4 times their gross annual income; higher “exceptions” are sometimes possible, but never guaranteed.

You can usually borrow up to 90% Loan to Value (LTV), subject to that income limit.]

Show Proven Repayment Ability (PRA)

[For around six months before applying, try to show rent and/or savings close to your future mortgage repayment.]

Tidy up existing commitments

[Loans, credit cards, and other regular payments can reduce how much you can borrow, so make a plan to clear or reduce them where possible.]

Keep your accounts in good order

[Make sure direct debits are always paid on time and there are funds in your account to cover all commitments.]

Keep living your life (within reason)

[You don’t need to give up coffees, dinners out or holidays; as long as your PRA and savings are on track, it is about balance, not perfection.]

Let’s take the following case as an example

Person A earns €50,000

Person B earns €40,000

Given this information and that the maximum you can borrow is 4 times your Gross Annual Salary, the following is true.

€50,000 + €40,000 x 4 = €360,000 approx.

However, a First Time Buyer can only borrow 90% Loan to Value (LTV) of the

Purchase Price. With that, if they want to borrow the maximum amount of €360,000, the

minimum house price they are looking at is €400,000 approx.

Meaning they need to have a deposit of €40,000 plus €7,000 (stamp

duty and for fees etc.)

Based on maximum borrowing of €360,000:

If they decide to look at house prices higher than €400,000, they will only be able to borrow the maximum amount of €360,000 (i.e. house price €450,000, borrow €360,000, deposit €90,000 plus €7,500).
But, if they look at house prices lower than €400,000, they will only be able to borrow a maximum of 90% of the house price (i.e. house price €300,000, borrow €270,000, deposit €30,000 plus €6,000).

From building up your deposit to drawing down: Why this checklist should matter to you

Having these numbers clear up front means you can:

Focus on properties that actually fit your budget, instead of falling for homes that your bank will never approve.

Set realistic savings targets for deposit and costs, and avoid last‑minute surprises when you are ready to go sale agreed.

Ready to take the next step?

Come to me early in your journey – not just when you think you are “application ready”. There is no fee for advice, and if anything needs to change (savings pattern, loans, PRA), you will have time to sort it before your case goes to a lender. A mortgage is a journey, and I’m here to guide you through every step.