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Foreign National Mortgage

Mortgage guide for foreign nationals on visas

Payam Azadi Director – Specialist Finance Expert · 3 min read
Mortgage guide for foreign nationals on visas

by

Published 15 March 2019 · Last reviewed 26 September 2023 · Older article — see current rates

Mortgage guide for foreign nationals on a visa looking to buy in the UK

3 months in UK with 10% deposit

There is a lot written about foreign nationals on visas looking to buy in the UK. This article however has been put together with first-hand experience of aiding foreign nationals purchase with the help of a mortgage over the last decade.

There is a danger of boxing things up as we may be able to get exceptions from our mortgage lender contacts but it will help you hone in or what is possible.

The length of time stated below is a guideline. You always must have active and well conducted UK finance showing on your credit report i.e. current account, mobile phone, credit card etc.

Here we concentrate on residential mortgages i.e. where you plan to live in the property. We can help with buy-to-lets too – just give us a call.

Mortgages with a Tier 1

Earning over £75,000 (£100,000 if joint application)

  • Minimum time in the UK 3 months with a 5% deposit if buying with someone who has permanent rights to remain in the UK
  • Minimum time in the UK 3 months with a 10% deposit.
  • Minimum time remaining on your Visa could be 1 month at mortgage completion.
  • Income multiple up to 5.5 times.

Earning less than £75,000

  • Minimum time in the UK 3 months with a 5% deposit if buying with someone who has permanent rights to remain in the UK.
  • Minimum time in the UK 6 months with a 10% deposit.
  • Minimum time in the UK 3 months with a 20% deposit.
  • Minimum time remaining on your Visa could be 1 month at mortgage completion.
  • Income multiple 4 to 5 times (depending on deposit size).

Mortgages with a Tier 2 visa

  • All Tier 1 rules apply (see above), except:
    Earning less than £75,000: Minimum time in the UK 6 months with a 10% deposit.

Mortgages with a Spousal Visa

  • If you are buying on your own then there is unlikely to be a mortgage solution as your destiny in the country is not in your own hands.
  • If you are buying jointly with another then the rules that apply to their visa or permanent rights to reside will determine the lender selection.

Mortgages with a Refugee Visa

  • Minimum time in the UK 1 year with 25% deposit.
  • Minimum time remaining on your Visa 18 months at mortgage completion.
  • Income multiple 4 to 4.5 times.

Mortgages with an Ancestry Visa

Earning over £75,000 (£100,000 if joint application)

  • Minimum time in the UK 3 months with a 10% deposit.
  • Income multiple 5.5 times.

Earning £75,000 or less

  • Minimum time in the UK 2 year OR minimum time left 3.5 years 10% deposit.
  • Income multiple 4 to 4.5 times.
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