Buying your first home in Northern Ireland is more achievable than the headlines suggest. Prices here remain the most affordable in the UK, first-time buyers get a generous stamp duty break, and there is a local scheme designed specifically to bridge the deposit gap. Here is what you actually need to know in 2026.
How much deposit do you need?
The minimum is typically 5% of the purchase price. On a £160,000 home, that is £8,000.
More deposit buys you a cheaper mortgage: lenders price in bands, and moving from a 5% deposit to 10% or 15% opens up noticeably better rates and more lenders. But do not let the perfect become the enemy of the good; plenty of our first-time buyers start at 5% and remortgage into a better band a few years later once the home has gained value.
If the deposit is the blocker, skip ahead to the Co-Ownership section, because the scheme exists for exactly this situation.
How much can you borrow?
As a rule of thumb, lenders offer around 4 to 4.5 times your income, single or joint. Two people earning £28,000 each could therefore borrow somewhere in the region of £225,000 to £250,000, comfortably above the Northern Ireland average house price.
In practice, affordability checks look at the full picture: outgoings, debts, childcare, car finance and your credit history all shape the final figure. An Agreement in Principle (more below) turns the rule of thumb into a real number.
Stamp duty: most NI first-time buyers pay nothing
First-time buyers pay no stamp duty on the first £300,000 of a property's price, then 5% on the portion from £300,001 to £500,000. Above £500,000 the relief disappears entirely.
Given where Northern Ireland prices sit, the practical effect is that the large majority of local first-time buyers pay no stamp duty at all. That is money that stays in your pocket for furniture, solicitors and the inevitable tin of paint.
What help is available in Northern Ireland?
A point of regular confusion: the Help to Buy equity loan scheme never operated here. Northern Ireland's main support is Co-Ownership, the local shared ownership scheme:
- You buy between 50% and 90% of the home and pay rent on the rest.
- The property can cost up to £215,000 (the limit rose in April 2026).
- Co-Ownership itself requires no deposit, though your lender may want one on your share.
- You can increase your share in 5% steps until you own the home outright.
We have written a full guide to Co-Ownership separately, and we arrange the mortgages that sit alongside it.
The buying process, step by step
- Get your paperwork straight. Three months of payslips and bank statements, ID, and a check of your credit report. Small fixes here (registering to vote at your current address, clearing a card) genuinely move the needle.
- Get an Agreement in Principle. A lender's statement of what they would likely lend you. It costs nothing, usually involves a soft credit check, and estate agents take you seriously with one in hand.
- House-hunt within your number. Including rates, insurance and running costs in your sums, not just the mortgage payment.
- Offer and full application. Once accepted, the full mortgage application goes in and the lender values the property.
- Conveyancing. Your solicitor handles searches, contracts and completion. From offer accepted to keys is commonly two to three months.
Budget for the other costs
Beyond the deposit: solicitor's fees, any survey you choose (money well spent on older stock), lender or broker fees where they apply, removals, and your first rates bill. A sensible buffer is £2,000 to £3,500 depending on the property, and we will give you an itemised estimate before you commit to anything.
Why use a broker for your first mortgage?
First-time buyers have the most to gain from advice: you have no track record with lenders, every lender treats deposits, new builds and credit quirks differently, and the difference between a middling deal and the right one runs to thousands over a fixed term. We work from a comprehensive panel which is representative of the whole of the market, we know which lenders suit which situations (including Co-Ownership purchases), and our initial consultation is free with no obligation. You can also compare current mortgage rates in Northern Ireland to get a feel for the market.
If you are six months from buying, that is the perfect time to talk; if you found this page the week you want to offer, call us today and we will move quickly. Read more about how we help first-time buyers in Northern Ireland.
Your home may be repossessed if you do not keep up repayments on your mortgage. CGR Financial Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.