Foreign Nationals with a Visa and buy a £400,000 property in the UK with a £20,000 deposit
Just a 5% deposit is needed to get a mortgage if you are a foreign nationals with a visa looking to purchase a UK property under the Help to Buy Scheme 1 Scheme.
Yes, Help to Buy for foreign nationals is here! And, as long as you can contribute a 5% deposit we can help you get a mortgage.
The product on offer via Niche Advice is specifically designed to assist Help to Buy One scheme applicants looking to purchase new build properties.
Although there are several lenders partaking in the Help to Buy Scheme foreign nationals have been largely overlooked. At Niche Advice we delight in challenging the norm and providing a solution for all, including foreign nationals, and have access to substantial funds from our contacts within a large bank to appease the Help to Buy 1 need.
To recap, Help to Buy One is a Government backed scheme designed to make home ownership affordable to the masses. It is comprises of a competitive 20% loan from Government to reduce the amount of deposit needed by way of savings.
For example, you want to purchase a new build house worth £200,000. All you need to put down is 5% (£10,000) which can be from savings or a gift from a parent, even if they are based abroad. The reminder of the money (£190,000, 95%) is on a hybrid of finance from the Government, and a mortgage that we can arrange.
In our vast experience, the biggest problem for many foreign nationals living and working here on a VISA is the fact that they have limited deposits. Conversely, they have generally good earnings and are in sort after occupations such as medicine or IT which has meant they have qualified easily for our scheme on affordability.
The foreign nationals we have helped obtain a mortgage appreciate home ownership is better than renting and tend to prefer ‘new builds’ which has made our proposition so attractive.
Lending criteria to get a help to buy mortgage with a VISA
- Only available to new build properties
- At least 5% contribution from the applicant
- At least one years living and working in the UK
- Good Credit Profile
- Must only have one property
- The affordability rules are more stricter standard mortgages but are easily achievable to the right customers.
- Gifted deposits from immediate family members accepted (based in the UK or otherwise)
For more information on getting a help to buy mortgage with a VISA please complete the enquiry form on this page or alternatively call us on T: 020 7903 2044.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.