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Saving for your Home

Make the home of your dreams a reality.

couple squatting on a floor and embracing while unpacking a box The letter P for PTSB carved out in a slate of black marble

Few things in life are as exciting as buying a new house or apartment. For most of us, it’s the biggest single purchase we’ll ever make. But unless you’re the lucky winner of a big jackpot, buying a new home will require you to save up plenty in advance. 

Why it pays to save for a mortgage

  • Better interest rate: The bigger your deposit, the better your loan to value ratio (LTV).
  • Shows consistency: Mortgage providers usually want you to show between 6 and 12 months' continuous regular savings. This means no dipping in and no little breaks!

Tips to help you reach your savings goal

Taking the first steps towards saving can sometimes be difficult. Here are a few easy tips to get you saving for your new home.

  • Reduce your outgoings: It’s hard to save if you have big monthly outgoings. See where you stand by using Consumer Help's handy budget planner to write down all your income and outgoings.
  • Set a time frame: Set a realistic time frame for how much you need to save and work out what you need to put away each month. Use our handy calculator on the right to help work out how long it will take.
  • Open a separate savings account: As well as offering you a competitive interest rate, having a separate account to save for your deposit reduces the temptation to dip into your savings for day-to-day expenses. For lump sums, think of using a Fixed Term Account, otherwise a Regular Savings Account could work for you.
  • Monitor your savings: Keep an eye on your savings and evaluate if you can afford to put away a bit extra each month. With Open24 online banking and the PTSB mobile app, you can easily move funds between accounts when logged in.
  • Personalise your account: A great way to stay motivated is giving your account its own nickname. To do this:
    1. Log in to Open24.
    2. Click on your savings account.
    3. Select 'Do more'.
    4. Think of using something like 'House Deposit' or 'Dream Home', to really get yourself inspired.
  • Start early: A deposit for a house can usually take 3 to 5 years to save for, so start saving as early as you can.
Average asking
price in Ireland
We can lend
First Time Buyers:
You'll need a
deposit of:
First Time Buyers, a maximum Loan to Value (LTV) of 90% will apply to a property’s purchase price.
Average time to save a deposit
3 to 5 years
Pay yourself first!
Every payday, set aside a percentage of your income into a savings account before you pay bills, rent, etc.
Average time to save a deposit
3 to 5 years
Average age of first time buyer
35 years old
Pin icon for background map image
Average asking price in Dublin
Save as a couple
Get motivated together

What else should I save for?

Don't forget, you'll also need to keep some of your savings aside for other expenses related to buying your home. Things like:

  • Stamp duty: 1% on properties up to €1m. 2% on anything €1m or above.
  • Legal and solicitor’s fees: Many solicitors charge a percentage amount (normally around 1% of the mortgage) to look after the legal aspects of buying a house.
  • Structural survey: Before committing to the purchase, it's a good idea to have a professional carry out a structural survey of the property. A seller is under no obligation to tell you about any defects.
  • Insurance: Most banks require you to take out mortgage protection insurance (a type of life insurance) and building insurance before they’ll approve your mortgage.   

We're here to help

Give us a call on 0818 50 24 24 or +353 1 212 4101 (from abroad) and our dedicated team will assist you. Lines are open from 9am to 5pm Monday to Friday (excluding Bank Holidays), and from 10am to 2pm Saturday and Sunday.

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