If your a Foreign national looking to get a mortgage with a Visa you really need to read my tips
1. Not all brokers are the same
When it comes to foreign national mortgages and getting mortgage with a Visa things are likely to be different to your average mortgage case. Some lenders will increase loan to values for foreign nationals, others will need a whole new set of documentations. If you do not approach a broker that deals with this on a daily basis you could be putting your application at risk. My challenge to you is to pick up the phone and let me explain why we are one of the U.K.’s leading brokers dealing with foreign national mortgages. We never charge any upfront fees and we always set out our charges right at the start verbally and in written format so everyone knows what to expect from us.
2. Affordability and Deposit Critea
This might sound simple but you really do need to know how much you can afford, and how much deposit is needed. In most instances foreign nationals have got good jobs with good salaries. The problem arises when they need to put down a deposit; the most common position is most people look to put down a deposit of at least 10%. This is a good starting point, speak to myself or one of our advisors and we will be able to tell you your affordability years and how you should proceed with things.
3. Where is your deposit coming from?
In regards to foreign national mortgages things can be quite complex especially if your money is located abroad. When dealing with gifted deposits, you may find that deposits from abroad are not as simple as just transferring into your bank account. An explanation will need to be given as to where the money has come from, how it was brought into the country and to whom it belongs to. This step needs to be carefully thought through because of money-laundering implications, and lenders obvious caution around large sums of money coming into the applicant’s accounts. Again this is something you should discuss with your broker, so you are aware how to go about this.
4. Who should go on the mortgage application?
This may seemingly be a straight forward answer, but that is not the case for example, you can have a couple that want to purchase a property. One is on a tier 2 visa and the other is on a dependency visa, who is not working and may be looking after children.
Should the applicant going to single names or the application be in joint names with a dependent how will lenders view it, are there any lenders that will accept single applicant for married couples with dependents? These are all issues that need to be discussed with your adviser, and this is where a professional adviser within this sector can offer help and support.
5. Get your process right before you see an estate agent or the seller
As a foreign national a seller is going to take significantly more precautious when dealing with you, opposed to an average UK domiciled person. It’s vital you have everything in the right order, you have all your relevant documentations and have your mortgage agreed in order to get a decision agreed by the lender. You must also ensure you have your solicitor’s details and your broker details. These are very important documentations; here at niche advice we have put in place a proven process in place to help all our clients get a mortgage with a Visa.
For more information on our products and services for Foreign national looking to get a mortgage with a Visa please complete the enquiry form on this page alternatively call us on (020) 7993 2044
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
