Money
How many months will it take to save your deposit?
Most first-time buyers need a deposit of 10% of the price, plus the cash costs of buying. Turning that into a monthly target makes the goal concrete and shows which choices shorten the wait.
Step 1: set the target
Start from a realistic price. The deposit is 10% of it. Add stamp duty at 1% on homes up to €1 million, a solicitor at about €2,000-3,000, a survey at about €400 and a valuation at about €150, and keep a buffer for moving.
On a €350,000 home, that is a €35,000 deposit, €3,500 in stamp duty and about €3,000 for the rest: €41,500 before the buffer. The buying power calculator does these sums with your own figures and saves them to My journey.
Step 2: subtract what you already have
Count the savings you can show on statements, a gift from family backed by a gift letter, and Help to Buy if the home is new. With €15,000 saved and a €5,000 gift, the gap in the example is €21,500.
Step 3: divide by what you can save each month
| Monthly saving | Months to close a €21,500 gap |
|---|---|
| €600 | 36 |
| €900 | 24 |
| €1,200 | 18 |
| €1,500 | 15 |
Lenders also look for a steady saving pattern, usually over the last six months. Saving the same amount every month, ideally close to your future repayment, makes the application stronger.
Ways to shorten the wait
- Consider new builds, where Help to Buy can cover up to 10% of the price.
- Buy with a partner: two incomes save faster and raise the borrowing limit.
- Aim a little lower. Every €10,000 off the price cuts about €1,100 from the cash you need.
- Keep your savings in an account that pays interest, where a lender can see them easily.
Worth knowing
Rent paid on time counts in your favour. Keep the statements, because lenders read your rent as evidence that you can manage a repayment.
