What is the lowest mortgage deposit needed for approval?

Ever wondered how much is enough? With the new mortgage rules now in effect, prospective applicants will need to have a deposit. But what is the lowest mortgage deposit that is needed for approval? Well, the amount is a percentage of the property’s value. This percentage changes depending on the type of mortgage sought. For…

Ever wondered how much is enough?

With the new mortgage rules now in effect, prospective applicants will need to have a deposit. But what is the lowest mortgage deposit that is needed for approval? Well, the amount is a percentage of the property’s value. This percentage changes depending on the type of mortgage sought. For example, a First Time Buyer would need to have a deposit of 10% for homes worth up to €220,000.

Properties in excess of €220,000 are subject to an additional deposit of 20% on the amount over €220,000. Let’s demonstrate this with a simple example, shall we? Mr. X is applying to get a mortgage for a house worth €250,000. Taking into consideration what we’ve just discussed above, Mr. X would have to put together a deposit of 10% of the first €220,000 (€22,000) and 20% of the remaining €30,000 (€6000).

This would mean that Mr. X would need to have a minimum deposit of €28,000. However, larger deposits are needed for other types of mortgages. So we’ve put together a table below which shows the deposit percentages needed for all the other mortgage products that we offer:

Mortgage TypeProperty ValueMinimum Deposit Needed (%)
First Time Buyer€220,000 or less10%
First Time Buyer€220,000 +10% of €220,000 plus 20% of the balance over €220,000
First Time Self Build€220,000 or less10%
First Time Self Build€220,000 +10% of €220,000 plus 20% of the balance over €220,000
Trading Up MortgageAny Value20%
Non First Time Self BuildAny Value20%
Remortgage with Negative EquityAny ValueAt lender’s discretion
Buy To Let MortgageAny Value25%
Non Resident (Expat Mortgage)Any Value35%