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.
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 Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.