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Looking to get on the ladder?

If you are a first time home buyer who is currently finding the mortgage market a challenge to navigate, then you are certainly not alone. With so many first time home buyer mortgage lenders and interest rate options to choose from, selecting the most suitable mortgage is not always easy.

This is where we come in. MortgageLine can provide you with all the help, advice and support you need to make your first step on to the property ladder as smooth as possible and successfully secure your ideal first home.

Mortgages come in many shapes and sizes. Let’s start by running through some of the most popular options that you might have seen and want to consider.

Types of Mortgage Available

Fixed Mortgages

With this type of mortgage, you will pay a set rate of interest for a predetermined period of time. As your monthly mortgage repayments will stay the same, managing your budget should be a fairly straightforward process, provided that you can comfortably afford the agreed monthly repayments. If you are not sure how much you could borrow then please speak with a MortgageLine Adviser who will give you an indication.

Variable Mortgage Rate

This type of mortgage can go up or down depending on the mortgage lender’s Standard Variable Rate (SVR). Irish Mortgage lenders all individually set their own variable mortgage rates but generally move somewhat in line with the ECB Rate (European Central Bank Rate).

If you think you want to pay off big lump sums of your mortgage in the not too distant future, without penalty, then a variable mortgage could be for you.

Discount Mortgages

This type of mortgage will offer a price reduction for a set period of time off the lender’s Standard Variable Rate (SVR). A discount mortgage is a form of variable-rate mortgage, which means that your monthly payments can vary from month to month.

Some mortgage lenders also offer discounted Fixed rates. For example if your mortgage is more than €250,000 then you might be offered what is referred to as a High Value mortgage rate.

Green Mortgages

This type of mortgage will offer a price reduction off the mortgage lenders normal rates. So basically you will get a lower preferential rate if your home is energy efficient. The mortgage lenders measure this from the properties BER (Building Energy Rating). If the property has a BER of B3 or higher then you should get a Green mortgage rate.

Ask your MortgageLine Adviser about Green mortgage rates.

Tracker Mortgages

Tracker mortgages are a thing of the past in Ireland. They may or may not be reintroduced in the future. However for now it is ok to say, “I don’t know what a tracker mortgage is!”

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New Build Mortgages

The Help to Buy Scheme

First time buyers have access to the Revenue Help to buy scheme and can get up to €30,000 towards the purchase of a new home. The scheme was introduced in 2020 by the Irish Government and is managed by Revenue.

Qualifying conditions include

  • The value of your property must be €500,000 or less
  • The mortgage you take out must be with a qualifying lender
  • The mortgage must be at least 70% of the proposed purchase price or value of your new home
  • must be a brand new property
  • the max amount you can get is the lesser of,
    • €30,000
    • 10% of the purchase price
    • The amount of tax paid by you in the last 4 years

(tax being income tax and Deposit Interest Retention Tax)

Ask your MortgageLine Adviser about the benefits of the Help to Buy Scheme and how it could work for you.

You can also see more details on the Help to Buy Scheme on the Revenue Website

Help to Buy Scheme - first time buyer mortgage

Did you know? Applicants who satisfy certain conditions can claim an increased relief up to a maximum of €30,000

First Home Equity Scheme

(FHS) First Home Equity Scheme to help First Time Buyers buy a new homeThe First Home Equity Scheme (FHS) was introduced in 2022 and is designed to help First Time Buyers buy a new home. It is what’s known as a shared equity scheme. This means that homebuyers can get funds from the scheme towards the property purchase in return for a share in the property.

A summary of the main rules and criteria of the First Home Equity Scheme are as follows,

  • You must be a First time buyer and over 18
  • You must be approved for a mortgage with a participating lender and borrow the max available to you within the standard Central Bank Loan to Income lending rules
  • The FHS must take a minimum equity share of 2.5% or €10,000 of the property purchase price, whichever is less
  • The max funding available to you is 30% of the property purchase price
  • You can avail of both the Help to Buy and First Home Equity Scheme together. However if you combine the schemes then the max equity stake the FHS will take is 20%

You should also be aware that there are property price ceilings that differ from County to County.

For a full list of the Rules and Eligibility criteria please refer to the First Home Equity Scheme Website.

Your MortgageLine Adviser will also be able to guide you if you have questions.