Can a single person get a mortgage in Ireland?

Are there common mistakes single first-time buyers should avoid?

Yes, there are several common pitfalls that single first-time buyers should be aware of and avoid such as overlooking hidden costs or unusual activities on bank statements.

To learn more about these mistakes and how to steer clear of them, we recommend reading our article: 10 First-Time Buyer Mistakes To Avoid. This resource provides valuable insights to help you navigate the homebuying process more effectively and make informed decisions.

What other costs are involved in a property purchase?

There are several additional costs to consider when purchasing a property in Ireland. These may include:

Mortgage Protection Insurance 

Mortgage Protection Insurance is a decreasing form of Life Insurance, tailored to pay off the outstanding balance of your mortgage in the event of your death during the term of your mortgage. Mortgage Protection runs for the same length as your Mortgage.

Stamp Duty

This is a tax imposed by the government on property transactions. The amount varies depending on the purchase price and whether you are a first-time buyer or not.

Solicitor Fees

You’ll need a solicitor to look after all the legal aspects of the property purchase. Their fees can vary, so it’s a good idea to get quotes from different professionals.

Other Costs

Additional expenses may include valuation fees, surveyor’s fees, property taxes, home insurance, and moving costs.

For more detailed information we recommend reading our article: Hidden Extra Costs When Buying A House In Ireland.

How can I save for a mortgage deposit on a single income?

Saving for a mortgage on a single income may require careful budgeting and financial planning. 

It’s essential to budget carefully, establish savings goals, automate your savings, reduce debt, and undertake additional actions to ensure effective financial management.

Another effective method to help you in saving for a mortgage is to use tax-free gifts, which can amount to up to €3,000 per year. 

You can find more detailed information by reading our article: Top Tips For Saving Money Towards Your Mortgage Deposit In Ireland.

Case Study: Securing a Mortgage as a Single applicant in Ireland

Helen, a single individual living in Limerick, Ireland, and working from home, had long dreamt of owning her own home. As a first-time buyer earning a steady income of €60,000 annually, she decided it was time to turn her dream into a reality.

Despite the challenges of being a single applicant in the housing market, Helen was determined to explore her options. Armed with a clear understanding of her financial situation and goals, she embarked on her journey to secure a mortgage.

Helen began by assessing her borrowing capacity. With a maximum borrowing limit of €240,000 (she can borrow 4 times her gross annual income), she carefully calculated her affordability, factoring in her income, expenses, and savings. Fortunately, her diligent financial planning allowed her to comfortably meet the requirements for a mortgage.

Being well-informed about the local property market, Helen knew she wanted to purchase a home within Limerick County. While the average property price outside the city was around €250,000, according to the Daft report for Q4 2023, Helen remained undeterred. Working from home provided her with the flexibility to explore properties in more affordable areas without compromising her lifestyle or career.

Helen has €40,000 in savings earmarked for a deposit and additional costs, such as solicitor fees. 

After months of diligent searching, Helen finally found a charming property that met her needs and budget. 

With the help of one of our mortgage advisors at LowQuotes, she navigated the application process smoothly, providing all necessary documentation and ensuring she met the lender’s criteria.

Despite the challenges of being a single homebuyer, Helen’s determination, financial prudence, and careful planning paid off. 

She successfully secured a mortgage and purchased her dream home in Limerick County, marking a significant milestone in her journey towards homeownership. 

Get mortgage advice for single applicants with LowQuotes 

At LowQuotes, we understand that navigating the mortgage process can be daunting, especially for single applicants. That’s why we’re here to help. 

Whether you’re unsure about your eligibility or simply need guidance on securing a mortgage as a single individual, our experienced advisors are ready to assist you every step of the way. 

You can request a mortgage quote to check your elegibility; simply provide your information and our team of financial advisors will promptly reach out to discuss your specific requirements and provide personalised guidance tailored to your needs.

We also provide a wide variety of financial services, such as life insurance, mortgage protection, Income protection, serious illness, pensions, financial planning, health insurance, and savings & investments.