New to Ireland and want to establish credit to buy a house

[whyhike]

We have just moved to Ireland, in the last 2 months. What is the best way to establish credit to try and buy a house? Should we take out some type of loan as soon as we can. auto, personal, credit card, ect. Idealy we would like to buy when our lease is up next march. Thanks for the info

 

[ClubMan]

Should we take out some type of loan as soon as we can. auto, personal, credit card, ect.

Surely you'd be better off saving instead of borrowing!? Even if it's with an institution other than that from whom you eventually borrow the mortgage? I don't see how borrowing now just to establish credit worthiness is a good idea. Maybe it works differently in other jurisdictions?

 

[Sarah W]

Unlike the UK you don't have to have a 'credit rating' to get a mortgage - just permanent income, an employment history and the ability to repay the mortgage.

Sarah

www.rea.ie

 

[whyhike]

Thanks Sarah
That is was the answer I was looking for. I did not know if we needed a history or not.

 

[woods]

This is so correct. If you have the income to repay a loan then it does not matter a dam what you have done in the past. Saving is better than borrowing so start saving on a regular basis and prove that you can do it.

 

[jccf2003]

It wasn't a stupid question though, because in some other countries (the US for ex) you can't even get a credit card without some sort of credit history. If you haven't shown that you'll repay a loan they won't look at you, even if you have a good savings record. May not make sense, but that's the way it is.

 

[robyn]

So what is the situation like in the UK for those who new to living there?