Second Time Buyer

When considering a home mover mortgage you have the option of ‘porting’ your current mortgage or transferring it to the new property, or  obtaining a new mortgage with the same or a different lender. 

The amount you are eligible to borrow will depend on a number of factors, as well as the lending criteria of the various mortgage lenders.

Central Bank lending rules for second, and subsequent, home purchasers are similar to those for first time buyers in that you will need to have 10% of the property purchase price saved as a deposit. This means that your loan to value limit (LTV) is 90%.

However, the loan to income (LTI) limit is lower for second and subsequent home purchasers at 3.5 times your total gross income, or 3.5 times your combined income for joint mortgages.

You will also need to be prepared to pay stamp duty on a residential property. Recent changes to stamp duty in Budget 2025 mean that stamp duty rates are as follows:

If the price of your property is below €1.5 million, stamp duty is 1% on the purchase price up to €1 million, and 2% of the purchase price over €1 million.

If your property’s purchase price is above €1.5 million, you will pay 6% of the purchase price on the amount above €1.5 million.

A qualified mortgage advisor can conduct a thorough assessment of your circumstances and your finances with you to determine your eligibility for a home mover mortgage.

MortgageOne has access to a range of mortgage lenders, and up to date knowledge and insight into the mortgage market. It may be a number of years since you purchased a property and the mortgage market is likely to have changed in that time.

Your specialist MortgageOne mortgage advisor will also be familiar with the eligibility criteria of the various lenders, meaning that they can get you a better rate and a home mover mortgage that is the best fit for your current circumstances.

Use our MortgageOne mortgage calculator today to see how much you can borrow, leave us your details and we can contact you to discuss your options.

You may qualify for a green mortgage if you are purchasing or building an energy efficient home, or renovating your current home to be more energy efficient.

Generally, your new home would need to have a Building Energy rating (BER) of B3 or higher to qualify for a green mortgage. If you qualify for a green mortgage, you will benefit from a discounted interest rate.

Cashback mortgages can provide a welcome boost to your coffers when purchasing a new home. Typically, you will receive a lump sum when you draw down the mortgage.

Cashback mortgages work by releasing funds from the borrowed amount, either a percentage of the home’s purchase price or a set amount eg. €2,000.

Beware choosing a cashback mortgage, however, as rates are usually higher and you may find that you repay multiple times the initial cashback amount over the term of the mortgage.

If you have a valuable tracker rate, you may be able to purchase a new home with a tracker home mover mortgage, or a tracker retention mortgage.

The new mortgage will still be tied to ECB rates but may be at a higher margin than your old tracker, such as 1% above your current rate. You may also only be able to benefit from the new tracker rate until the tracker end date, which will align with the end of your previous tracker mortgage term.

If the balance of your current mortgage is higher than the property’s value then you are in negative equity.

If you wish to move home, you may be able to obtain a negative equity mortgage where you are ‘porting’ or  transferring the negative equity of your current property to a new mortgage.

You may be able to get a 125% loan to value with a negative equity mortgage, however you will still need to have a 10% deposit, and eligibility conditions will still apply in terms of income, affordability etc.

Step 1

First off, you will need to see how much you can borrow based on your income, your deposit, and your current outgoings. Get your paperwork in order, including proof of income and bank statements etc.

You may need to get your current home valued to determine the amount of equity you have in your current home.

If you are on a fixed rate mortgage, you will need to weigh up the benefit of potentially paying a lower interest rate with paying an early redemption fee (ERC).

You will also need to consider the term of your new mortgage. Some lenders will offer a home mover mortgage with a 35 year term, however depending on your age when moving, you may not be eligible for this term.

Step 2

You can then start to compare mortgage options. You will need to consider whether you wish to choose a fixed rate mortgage with set repayments or a variable rate mortgage with the flexibility to potentially switch or overpay your mortgage.

Once you have chosen the best mortgage option for you you can then apply to a lender for mortgage approval in principle which will allow you to go house hunting.

Applying for your mortgage through MortgageOne will allow you to compare the best options for you with one application, saving you time and hassle so you can get your approval in principle as quickly and easily as possible.

Step 3

Go house hunting and find a property. Once you have gone ‘Sale Agreed’, you will need to appoint a solicitor and get your Letter of Offer and loan pack from your lender. This will outline all of the terms and conditions of your new mortgage.

Step 4

Get your valuation carried out by an approved valuer for your lender before you can draw down your mortgage. 

It’s a really good idea to get a survey carried out, especially for an older property, although this may not be a lender requirement.

Step 5

Purchase home insurance and mortgage protection insurance. These types of protection need to be in place before you draw down your mortgage. You may need to leave 6- 8 weeks for these to be in place so apply early in the process to allow enough time.

MortgageOne can get you great quotes for home and mortgage protection insurance. We can discuss your insurance needs with you and get you the best cover for your circumstances.

Step 6

The legal aspects of the house purchase, such as exchange of contracts, stamp duty, and payment of your deposit should be handled by your solicitor.

Your solicitor will also arrange for the transfer of the house purchase price balance once you draw down your mortgage,

Congratulations, you are now a new home owner!

If you are purchasing a property to let it to tenants, then you will need a buy to let mortgage. Buy to let mortgages tend to have higher interest rates than residential mortgages.

Loan to value

The LTV of the buy to let mortgage will also significantly affect the rates you are offered on taking out the mortgage.

Generally, a higher deposit of 30% of the property’s purchase price is required as a deposit by most lenders. The amount you can borrow will depend on your income, the rent likely to be generated, and the purchase price of your investment property.

When applying for a buy to  let mortgage, your income as well as the potential rental yield of the property will be considered. Affordability will be considered and stress testing will apply to ensure that you will be able to make your repayments at times where the property may be unlet.

Stamp duty

When purchasing a residential property to rent to a tenant, residential stamp duty rates apply. 

If you purchase more than ten properties in one year, stamp duty of 15% (up from 10% in Budget 2025) applies.

Interest only buy to let mortgages

Buy to let mortgages are available as interest only mortgages, usually for a fixed initial term. This means that you do not make repayments on the principle of the mortgage, just on the interest accrued, for a set time period at the beginning of the mortgage.

The interest only term offered by a buy to let lender may depend on the loan to value (LTV) of the mortgage. Following this term the buy to let mortgage will revert to a standard repayment mortgage.

Landlord’s insurance

You are not legally required to have mortgage protection insurance in place when purchasing an investment property, but you will certainly need landlords insurance. 

Landlords insurance is a combination of buildings and landlord’s contents insurance to protect your investment property, cover for your legal liabilities as a landlord, and loss of rent in the event that the property is inhabitable due to an insured event.

MortgageOne can help and advise you on how to qualify for a buy to let mortgage, get you offers with the best rates and advise you on the best landlord’s insurance products all under one roof.

Buying a holiday home with a mortgage depends on your unique circumstances, and whether you intend it to be for family use only or if you intend to rent it out.

Depending on the lender, you may be able to get a mortgage at home loan interest rates, or you may face higher buy to let rates. You may also need a 30% deposit if you are buying with a buy to let mortgage. You will also need to factor in the cost of stamp duty on top of the purchase price.

Your income, potential rental yield, and affordability will also be assessed as part of your holiday home mortgage application. 

Having a holiday home comes with running costs also, the cost of running, furnishing, and equipping a second home as well as the services of a management company or caretaker if you are renting it to tenants. Don’t forget, you will also need holiday home insurance.

Discuss your holiday home aspirations with a MortgageOne specialist mortgage advisor today. We can assess your circumstances and get you the best rates. You can apply to multiple lenders with one application and also arrange insurance for your new holiday home, whether it’s to rent out or just for you to enjoy.

MortgageOne should be your stop for home mover mortgages. We are a long established financial services company with access to Ireland’s best mortgage lenders.

We can carry out a review of your finances and advise you on the best options for you, and also prepare your mortgage application using out experience of different lenders and eligibility criteria.

If you require insurance on your new property purchase, we can also get you the best cover at the most affordable price.

Try our mortgage calculator to see how much you could borrow based on your income and deposit and leave your details to arrange a consultation with an independent mortgage expert today.