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wayne69

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hi, new to this site
I am hoping someone can help me please.

I currently live in the UK but will be moving to Ireland in the next 3-4 months with my partner and child. We are buying a property off a family member for a good price but I am concerned about the mortgage application.
We are selling a home here and will have some money for a deposit but not as much as we hoped as we will be clearing some debts first. We wont have enough to clear it all but will continue to pay it once we move over.

Will the mortgage company be able to trace our debts back to the UK? We are hoping to keep this from my partners family.
And do Irish banks do credit scoring for mortgages like the UK?

If we both work we will be able to afford a mortgage and pay back the debt but will that go against us?

:confused:
 
No, the Irish banks would not be able to check your UK credit details, even if they have offices in the UK, such as Halifax, unless they are a registered client of the 3 UK credit reference agencies they will have no way of accessing your details. In theory, they could ask their UK office to credit check you but that would be an unauthorised search which you are protected against. The
[broken link removed]
will give you more information about credit searches.

However, it is not unusal for people to be asked to provide a copy of their Credit Reference File when moving country ( although I have not come across it in the case of someone moving UK to Ireland yet)

( for the record, I work for a UK credit reference bureau which has it's operations centre in Ireland which is why I know how it works!)
 
I would like to add that you will probably be asked for 6 months current account bank statements, if the loan payments are coming out of your bank account then the mortgage advisor should spot that you probably have other loan committments and may ask for details of those or proof that they are cleared. It is true that the credit check wont show up UK details so that is why banks usually ask for statements as a back up check.
 
thanks Kerry & JP1234 for that info.
Our plan is to rent the property for about a year or so. That way we will have a generous deposit and also a years worth of bank statements plus we will be settled in our jobs and ready to take on the commitment of another mortgage.
 
Most Irish lenders can and do do credit searches in the UK via their sister/subsiduary companies (the application declaration states "I/we hereby authorise the disclosure of any personal data or other information, including credit references, relating to the transactions between me/us and XXX lender or any subsiduary company......under the Data Protection Act 1988") and the question is asked on the application form about debts/commitments. I've never had a client asked to provide a UK credit reference on themselves.

Sarah

www.rea.ie
 
wayne69 said:
Our plan is to rent the property for about a year or so. That way we will have a generous deposit and also a years worth of bank statements plus we will be settled in our jobs and ready to take on the commitment of another mortgage.
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You also have a potentially higher Stamp Duty liability (rent a PPR within 5 years of purchase and a SD clawback arrises, rent it straight away and your buying as an investor not as an OO) and CGT bill (when/if you decide to sell you'll pay CGT on the portion of time the house is rented).

Lots of info on both if you read around on AAM.
 
Sarah W said:
Most Irish lenders can and do do credit searches in the UK via their sister/subsiduary companies (the application declaration states "I/we hereby authorise the disclosure of any personal data or other information, including credit references, relating to the transactions between me/us and XXX lender or any subsiduary company......under the Data Protection Act 1988") and the question is asked on the application form about debts/commitments. I've never had a client asked to provide a UK credit reference on themselves.

Sarah

www.rea.ie[/quote]


even if you have lived in Ireland for a year and show a years worth of bank statements?
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Satanta said:
You also have a potentially higher Stamp Duty liability (rent a PPR within 5 years of purchase and a SD clawback arrises, rent it straight away and your buying as an investor not as an OO) and CGT bill (when/if you decide to sell you'll pay CGT on the portion of time the house is rented).

Lots of info on both if you read around on AAM.
Click to expand...

we arent going to go for a mortgage straight away, maybe after being in Ireland for a year or so. We will rent the the property from the family in the mean time and then buy it for the sole purpose of living in it not renting the property.
 
wayne69 said:
We will rent the the property from the family in the mean time and then buy it for the sole purpose of living in it not renting the property.
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Apologies. I assumed you ment you'd buy the property from them and then you would rent it out for a year.

My mistake on the reading of it.
 
wayne69 said:
thanks Kerry & JP1234 for that info.
Our plan is to rent the property for about a year or so. That way we will have a generous deposit and also a years worth of bank statements plus we will be settled in our jobs and ready to take on the commitment of another mortgage.
Click to expand...

Ah, I misread this as well. Once you are established in Ireland for a year or more you normally do not have to give previous address(es). Will you have cleared your residual debts from the UK by then?

Sarah

www.rea.ie
 
no the debt wont be cleared for another few years yet!
I know we were stupid and got ourselves into this mess but the move is going to be a new start (credit free - only mortgage) and hope our stupidness doesnt follow us!
 
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