This morning, it was announced that buy to lets and owner-occupiers would have to have 30% and 20% deposit respectively and first time buyers would only need 10% for the first €220,000.
Surprised @karlmonaghan hasnt released a house deposit calculator app thingamajiggy yet! #irishpropertyporn
— Max Thomas (@pubstatvoidmain) January 28, 2015
Given my penchant for calculators and the fact that I’ve a Property Price Register site, the above tweet came as no surprise and I really should have knocked something together myself as soon as I saw the news.
So without further ado, here’s a quick and dirty calculator to work out how much of a deposit you need under the new rules:
Luckily, this won’t effect me for another few years as I managed to finally close on my apartment last week but there are plenty of folks for which the possibly of a 20% deposit was a nightmare scenario.