If you are a first time buyer, you need a deposit of 10% on the first €220,000 and 20% on the remainder. You also have a lot of criteria to meet on ability to repay etc.
If you are buying it as an investment, you need a 30% deposit and you need to satisfy the bank re rental income against mortgage. The interest rates are higher too.
So be sure what you want as they are two completely separate propositions.
As an aside on wanting bricks and mortar. If you want an investment, it is not always a good idea to put your money into one single asset in a small country on the periphery of Europe just so you can drive past it and point it out.
My pension fund has lots of different stocks in it. When you own stock, you are a part owner of that company.
So, every time someone buys Star Wars or Frozen merchandise, I make money because I am a part owner of Disney.
Every time you brush your teeth, I make money because I am a part owner of Colgate-Palmolive.
Every time you wash your clothes, I make money because I am a part owner in Unilever.
There are people all over the world buying these products and have been for decades. I am not reliant on just one person renting my property. And I can sell my stock and get my money back in a week.
Steven
www.bluewaterfp.ie