Foreign National Shared Ownership Mortgage with a Visa for clients with small deposits working and living here in the UK.
Foreign National Shared Ownership Mortgage with a Visa for clients with small deposits working and living here in the UK.A couple of years ago we were writing a good level of Shared Ownership Mortgage with a Visa cases only for a major UK bank to bow out of the proposition. Well good news 2017 heralds their return and the better news is only a 10% deposit on the share is required.
For example:
Open Market Value of the Shared Ownership property is £400,000.
Purchasing a 25% share at £100,000.
Deposit needed 10% i.e. £10,000.
Mortgage for £90,000.
That’s right a £400,000 property can be bought in live in for as little as a £10,000 deposit. Furthermore the deposit can originate from abroad. The remaining share 75% is rented from housing association and can usually be bought over time.
Eligibility for foreign national shared ownership mortgage
- Tier 1, Tier 2 or Spousal Visa.
- 2 Years’ uninterrupted residential history in the UK for employed applicants.
- 3 Years’ uninterrupted residential history in the UK for self employed applicants.
- No minimum time remaining on the Visa.
Standard Documents need to support a foreign national mortgage
- Last three months’ bank statements
- Last three months’ payslips for employed applicants
- Last 2 years accounts or tax returns for self employed applicants
- Evidence of deposit
- Passport and residency permit
- Proof of current address
Best Loan to Value Products for Shared Ownership Mortgage with a Visa Applicants
On a separate note, we can also help foreign nationals looking to remortgage up to 90% of the property value for Houses and 85% of Flats. Most other lenders that deal with sector will limit loan to value amount to 80%.
To find out how Niche Advice can help you with you with your foreign national and need to talk about a Shared Ownership Mortgage with a Visa please complete the web contact form or call T: 020 7993 2044. Our price promise is we will NOT charge a penny until you have the key to the door.
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.
