Mortgage for non uk nationals on a Visa who now want to buy a property in the UK.
Tier 1 or 2 general VISA and spouse applicants mortgage applicants applicants
If you’re looking for a mortgage with a VISA in the UK then you have certainly come to the right place.
Firstly I would like to congratulate you for finding this website because I know how much rubbish there is out there on the Internet about so-called experts on the subject. The fact of the matter is getting a mortgage in the UK is hard enough without having a complex issue of being on a work VISA.
The reality is many banks will initially say ‘yes’ to foreign nationals to win the business but do not fully understand the nature of the enquiry. This knee-jerk positive response (without delving into the detail or the experience to pose the right follow-on questions) can ultimately lead to wasted time on both sides and the disappointment of losing out to better prepared purchasers.
There are many rules around Mortgage for non uk nationals on a Visa in the UK.
If you are a serious purchaser I urge you read all my articles on this subject in preparation for home purchase. They will cover the pitfalls and highlight some of the major issues around visas that you will need to overcome. To give you an overview please read on:
Detailed illustrations outlining all house buying costs at the outset?
Many of my clients are buying their first home in the UK and are nervous about the whole process. Buying a property for most people is the largest single investment they make. If you are tying up your hard earned savings into a project, and property is no different, you cannot afford to rush in without seeking ‘good’ professional advice.
The difficulty is to know where to turn? Well trust your judgment. If a mortgage broker is asked you to deposit money with them upfront – question their ability to fulfill on the transaction. Likewise if you believe you are not being provided with the full facts and figures, including the lender’s name, again question the validity of the solution.
At Niche Advice we clearly state the state up costs and charges in writing upfront so you are fully aware of what you are getting into. These include mortgage fees, solicitor’s fees, stamp duty and insurances. We cannot understand how other mortgage brokers choose to shortcut matters as your budget is our principle concern otherwise you can end up buying somewhere too big or small and regretting it.
Importantly, we do not charge a penny until your mortgage is fully approved and money is released by the lender to your solicitor for the property purchase. This incentivizes us to fulfil on our promises and also protects you should you decide not to proceed or the vendor decides not to sell.
I am a foreign national what level of deposit do I need to obtain a Mortgage for non uk nationals on a Visa?
Most of my foreign nationals do not have substantial deposits: typically about 10 to 15% so it is essential we opt for a lender that is open to high loan-to-value mortgages for foreign nationals. Believe me high loan-to-value requirements when coupled with visa restricts your options and most banks will not lend on this basis even if they say they will at outset. This is because there is a salesman upfront and an underwriter who applies the lending rules behind them later on in the process. The two have different agendas and do not always agree.
Can an overseas deposit be used when trying to obtain a UK mortgage?
Generally lenders are skeptical about foreign money being used for the home purchases that involves their mortgage. Most want the clients to have been saving regularly from UK income sources and evidenced by a UK bank account. We are experienced in this area and have devised a series of templates that pacify the underwriters, even if the money is still sitting in an overseas account that belongs to a relative.
Which types of Visa can be used to obtain a mortgage?
There are many different types of working permitting visas such as Tier 1 and Tier 2. It is also not uncommon for one partner to have a spousal visa. Many of my clients start off on one type such as student (non-work permitting) visa types and progress to Tier 1 or Tier 2. Whichever visa type you are on the chances are we have helped someone on a similar basis obtain a mortgage. It normally comes down to the way we position the application career path and long term intentions to remain in the country. The lenders constantly receive mortgage applications from us in this sector and understand we will have done the necessary homework before recommending applicant to them.
How long do I have to live in the UK and left Visa to qualify for a mortgage?
A large proportion of enquiries I receive are for foreign nationals who have been residing in the UK for a few years and are looking to get on the property ladder for the first time.
Many believe owning a UK property will be more cost effective than continuing to rent and that by being a UK homeowner their eventual entitlement to permanent rights to reside will be strengthened.
It is not uncommon for there to be a tight timeframe in terms of Visa length remaining as the looming deadline often focuses the attention to be a homeowner.
I can and have helped entrants to the UK within the last six months and those with less than three months remaining on their current Visa but there are a numerous factors to take into consideration and I cannot go into them all here. If you need guidance on your own situation please feel free to call me.
How can we help you?
We are experts within this sector I have personally helped many clients achieve their goal of buying a property in the UK. If you’re living and working here and want to get a Mortgage for non uk nationals on a Visa I can give you an instance response if it is possible. Furthermore, I will oversee your case from start to finish.
This business is founded upon personal relationships and all of my applicants have direct access to me to ensure we give you the best possible service.
I am Payam Azadi and will be delighted to speak to you an answer your questions in detail about Tier 1 Visa mortgage applications. My phone number is (020) 7993 2044 or alternatively complete the enquiry form on the right-hand side of this page and I will personally come back to you.
Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.
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.