Foreign National Bad Credit Mortgage solutions for people who need to buy a property in the UK but may have some missed/late payments showing on credit profiles.
If you are looking to buy a UK property to live in and are a foreign national with poor UK credit history you will find it incredibly difficult to get a mortgage. Although we can ghelp source mortgages for Foreign Nationals with only 10% deposit this criteria changes when your looking for Foreign National Bad Credit Mortgage solutions. Foreign National Mortgage applicants often have lower credit scores then Uk nationals but this problems gets much worse if they have had problems with credit issues but the good news is we can still help in some of those cases.
Minor problems that are a couple of years old are is a possibility with a select number of high street banks, if however the issue is more far reaching than you must hold a passport from the EU, USA, Australia, Canada, New Zealand, Switzerland or the Channel Islands. In the case of the latter you are looking at a specialist lender and the deposit will need to be greater and rate will be far higher.
Examples of the products can be viewed by selecting here.
Example Product – Poor Credit Foreign National – Tier 1 & 2
[ezcol_1fifth]Initial Rate: 1.34%[/ezcol_1fifth] [ezcol_1fifth]Subsequent: 3.75%[/ezcol_1fifth] [ezcol_3fifth_end]The overall cost for comparison 3.47%APRC[/ezcol_3fifth_end]
Product Features: 1 CCJ or default (registered 2 years ago). Missed credit payments (none in the last 18 months). Subject to credit score
| Type and initial benefit period | Fixed until 31/01/2019 |
| Minimum deposit / equity: | 30% |
| Valuation fee | £352 |
| Booking fee | £0 |
| Lender arrangement | £995 |
| Telegraphic transfer / CHAPS fee | £30 |
| Legal fee | 117.5 |
| Early repayment charge | 2/1% of the amount redeemed in the fixed period |
For help with your specialist mortgage needs including Foreign National Bad Credit Mortgage please complete the web contact form or call Niche Advice T: 020 7993 2044.
Any property used as security, which may include your home. may be repossessed if you do not keep up repayments on your mortgage
Important Information
Residential and Buy to Let Mortgages
Rates current as at 13/12/2016. The overall cost for comparison is based on a purchase price of £300,000 over a 25 year term. The Right-to-Buy example is based on a discounted purchase price of £150,000. Repayment for Residential and Interest only for Buy-to-let (unless otherwise specified). Eligibilty will depend on your own personal circumstances.
KEY – ERC = Main early repayment charge.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
The information contained herein is based on research through the Trigold (IRESS UK) sourcing system. When first published to this site the data is normally 24 hours behind real time, and may or may not still be available.
A first charge over your property is required as security for the loan.
The formal mortgage offer of an advance will be subject to a valuation and other satisfactory references.
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.
