When moving to Norway, you should bear in mind that renting a flat is slightly more expensive than a home loan. If you want to stay in the Fjords for a longer period, consider buying your own property. When deciding to buy your first home in Norway, there are a few key points to keep in mind.
Before you can think seriously about applying for a home loan, there are a few conditions you need to fulfil. The most important one is how long you have lived in Norway, or more precisely, how long you have registered your residence. It is worth knowing that Norway, as a member of the European Economic Area, provides greater freedom to residents of the EU who live in the Kingdom. They do not have to register their residence if they have been in Norway for no more than 3 months. The situation is slightly different in other cases.
If your stay in Norway exceeds 3 months but not more than 6 months, you must register your temporary residence. Permanent residence is a period of residence longer than 6 months. To register both types of residence you must enter your details at selfservice.udi.no, print out your registration confirmation and visit your nearest police station or Foreign Workers’ Service Centre.
After registering and living for some time, it is worth checking your creditworthiness in Norway. Long before you go to the bank. This is mainly to make sure that you can make a financial commitment to buy your first home. It is also important to remember that repeated rejections will have a negative effect on your credit rating.
First of all, you must prove that you are working legally in Norway. To do this, you must present a valid contract of employment and three recent pay stubs. In addition to this you must have savings of NOK 50,000 – this will increase your chances of getting Startlån from the municipality. It is important to note, however, that it is not easy to get credit for your own contribution. Municipalities mostly support low-income people who are unable to save for their own contribution and are therefore refused by banks when applying for a mortgage.