Mortgage options for Students on a Tier 4 Visa in the UK
This article is aimed at foreign students on a Tier 4 Visa who are in the UK who are looking to buy a property to live in financed by a mortgage.
These must be exciting times for you living and studying in the UK seen as one of the world’s premier countries for education. However, it is also an expensive place to live and paying rent is “dead money” as you have nothing to show for it.
Buying a property in the UK for many is pure fantasy. The prices are sky high and deposit requirements often too great.
To make matters worse mortgages for foreign students on a Visa is a poorly serviced sector by Mortgage Lenders unlike for their Tier 1 and Tier 2 Visa foreign compatriots.
To get an insight into whether you will be eligible for a mortgage for Students on a Tier 4 Visa read through the following frequently asked questions section below and speak to a foreign national mortgage expert such as Niche Advice.
Frequently asked questions on mortgage for Students on a Tier 4 Visa
Selection of Fixed Rates
|Deposit level||25% equity||15% equity||10% equity|
|Subsequent reversionary rate||4.24%||4.24%||4.24%|
|The total amount you must pay back, including the amount borrowed is||£178,046.81||£196,270.31||£208,951.28|
|Overall cost of comparison APRC||4.0%||3.7%||3.8%|
|Type and initial benefit period||Fixed rate to 31/08/2024||Fixed rate to 31/08/2027||Fixed rate to 31/08/2027|
|Lender valuation fee||Free||Free||Free|
|Lender booking fee||£Nil||£Nil||£Nil|
|Lender product fee||£Nil||£Nil||£Nil|
|Cashback from the Lender||£Nil||£Nil||£Nil|
|Basic legal costs||Payable||Payable||Payable|
|Our broker fee charge||From 0.5% of the loan size|
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* Rates as at 30/4/2022.
* Figures produced using Twenty7tec software.
* True Cost factors in the interest rate, mortgage set-up costs and any cashback rebates. It assumes the product fee is paid and is no greater than £2,500.
* The comparison is based on an assumed purchase price of £150,000 over a 25 year mortgage term.
* It looks at repayment method of “capital and Interest” for residential mortgages.
* Eligibility will depend on your own personal circumstances.
Your Property is at Risk if you do not keep up with your mortgage repayments.
Niche Advice arranges mortgages and is not a Lender.