First-Time Buyer Glossary Ireland (2025) | Jargon Buster

First-Time Buyer Glossary: Jargon Explained (in Plain English)

Buying your first home?

It’s a big step.

It’s exciting, so celebrate

But unless you understand the basics, it’s all just a bunch of gibberish that will melt your brain and have you choosing the wrong options.

Sadly, the banks don’t give you a handbook – unless you count their 96-page guide, which reads like it was written by a bored solicitor with a thesaurus.

Even now, yeeeeeears since I was a First-Time Buyer, I’ll come across some new-fangled jargon that makes my head spin.

Don’t worry — I’m here to break down all that confusing ‘how to buy a house in Ireland’ speak and get you well on your way to holding those keys with ease.

Let’s start with a few simple ones – to build up your confidence, like.

Here goes:

Mortgage Terms

Approval in Principle (AIP)
A letter from the bank saying, “We might lend you this much money.” It’s not full approval, but it shows sellers you’re serious.

Loan-to-Value (LTV)
The percentage of the home’s value you’re borrowing. First-timers usually need a 10% deposit, meaning a 90% LTV.

Drawdown
When your solicitor says, “The funds have been drawn down,” it means the bank has handed over the cash. You’re officially a homeowner. Pop the bubbly.🍾

Fixed Rate vs Variable Rate
Fixed = your repayments stay the same. Variable = they can go up or down (usually up 🙃).

EA
Estate Agent. They work for the seller — not you. Their job is to get the best price for the seller. Just keep that in mind.

Protection Terms

Mortgage Protection
A type of life insurance that clears your mortgage if you die during the loan term. Mandatory. The bank won’t release funds without it.

Life Insurance
Pays out a lump sum to your loved ones if you die. Not tied to your mortgage unless you assign it.

Serious Illness Cover (SIC)
Pays a tax-free lump sum if you get certain serious illnesses — like cancer or heart attack. You can bolt it onto life insurance or buy it on its own.

Income Protection
Pays you a monthly income if illness or injury stops you working. Not required by your bank, but worth its weight in gold if you don’t get sick pay. THE BEST INSURANCE YOU CAN BUY!

Legal & Lender Jargon

Assignment
You “assign” your life insurance policy to the bank. That way, if you die during the mortgage term, they get paid first — not your partner, not your goldfish, not your cousin Vinnie.

Solicitor’s Undertaking
Your solicitor promising the bank they’ll use the funds to actually buy the house — not disappear to Vegas. It’s how the whole thing ticks over.

Deeds
The legal documents showing you own the property. But don’t get too attached — the bank holds onto them until your mortgage is fully paid off.

Valuation Report
The bank sends a valuer to confirm the property is worth what you’re paying. This is to protect them, not you. You need this before you can quote for home insurance.

Structural Survey
Optional (but smart). Checks for issues like damp, dodgy electrics, or cracks you could park a Fiat 500 in. Always worth doing.

Want more help?

We’ve broken down mortgage protection in plain English throughout the blog, but if you’d rather skip the reading and get personalised help, hit us up.

Start the quick quote process here

We’ll guide you through the process and make sure you don’t miss any of the details that matter.

Thanks for reading,
Nick

Originally published in 2022. Refreshed for 2025 with a jargon-busting, reader-friendly update.