This article is about getting a UK mortgage if you are on a refugee VISA
If you’re looking for a mortgage with a Visa in the UK then you have certainly come to the right place. I can help with all types of VISA Tier 1, Tier 2, Spousal Visas etc. however this article concentrates on Refugee Visas so if you are interested then this should make an interesting read. Please note that this article has been written to give you some information about complex Visa cases but should be viewed as me giving advice and full consultation needs to take place on enquiry before more information can be provided.
The fact of the matter is getting a mortgage in the UK is hard enough without having a complex issue of being on a Visa. If you are a serious purchaser I urge you read all my articles on this subject in preparation for home purchase as they will cover the pitfalls and highlight some of the major issues around visas that you will need to overcome.
How to obtain a mortgage on a Refugee Visa
Please can I start by saying that single Refuge Visa applicants are highly likely to be refused a UK mortgage. There is however a real possibility of obtaining a mortgage if the application is on a joint basis with another person who has permanent rights to reside in the UK. That person does not have needed to be born in the UK but must have been in the country for the last 3 years as would you.
As an Iranian myself I know it is common for UK entrants to have arrived on a Tier 4 visa and settled here. After the Tier 4 Visa expires it can often be converted to a Refugee one and this type of example fits perfectly provided I position it right to the lender.
So to be clear if you and a partner were to apply and you meet this criterion then I can use both of your incomes in determining the extent of your borrowing, which may be very advantageous and allow you to secure a much better home.
I am a foreign national what level of deposit do I need to obtain a mortgage in the UK?
We can arrange mortgages on with as little is 10% deposit.
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.
What are the costs of a Refugee Visa Mortgage?
I personally do NOT charge a penny until the mortgage has been successfully arranged and you have the keys to the door but in most cases the charge will be around 0.5% of the the loan amount once everything has completed. Below is an example of the lender’s rates and charges. We would provide you with your own personalized illustration ahead of the mortgage application. Please note this article should be not seen as advice and complex cases like this should have be talked through with me personally.
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 with 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.
For expert mortgage advice call one of the U.K.’s leading specialist brokers on Tel: 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.
