Published 10 January 2017 · Last reviewed 25 July 2024

Foreign National Shared Ownership Mortgage with a Visa for clients with small deposits working and living here in the UK.

The Shared Ownership Mortgage with a Visa market is now much more accessible for foreign nationals, with some schemes only requiring a 5% deposit.

What is shared ownership?

Shared ownership schemes allow you to buy with a third party, usually the developer or a housing association. You have complete use of the property but start as a joint owner. The trade-off is you pay rent on the share you do not own.

For example:

You see a shared ownership property in London worth £400,000 that you like. You decide to purchase an initial 25% share, i.e. £100,000. You take a 95% mortgage, so you need to put down just £5,000 as a deposit.

If you bought the same-priced property typically, the 5% deposit would equate to £20,000—so you can see the stark difference!

The main advantages of Foreign National Shared Ownership Property

• Lower deposit entry.
• Full use of the property.
• You’ll benefit from any capital growth in your property over time.
• You may be able to increase your share in the property in the future.

The main disadvantages of Foreign National Shared Ownership Property

• Rent is payable on the share that is not owned.
• You may be restricted on alterations you can make to your property.
• Most schemes allow you to increase your share in the property, but not all of them, so you need to check the details.
• Service charges can be high on leasehold properties.
• You may not qualify for the scheme if you earn over a certain amount.

Where do I find Shared Ownership homes?

You can search for available Shared Ownership properties in the area you wish to buy by visiting:

• Your local estate agent.
• Housing association websites.
• Property developer websites.
• Property portals like Rightmove, Zoopla, and OnTheMarket.

Shared Ownership Mortgage with a Visa Acceptable types

• Tier 2 – Skilled Worker/ General
• Tier 1 – Global Talent
• Tier 1 – Innovator
• Spousal
• Tier 4 – Student Visa
• Refugee Visa
• Armed Forces (exempt from immigration control) under section 8 of the immigration act 1971.
• Biometric Residence Permit (BRP) with the following wording: Leave to Enter/Remain
• Family of a settled person
• Hong Kong – British National Overseas (BNO)
• PBS Dependant Visa
• UK Ancestry
• Valid, unexpired Non-UK/ROI Passport or Biometric Residence Permit (BRP) with the following wording: Leave to Enter/Remain 2 Years’ uninterrupted residential history in the UK for employed applicants.
• If the valid visa endorsement is in an expired passport, this is acceptable. We’ll also require a copy of the current passport.

The list is not exhaustive, so if you have another Visa type, let us know, and we will let you know if we can help.

Eligibility for Shared Ownership Mortgage with Visa Products

• Minimum age 18 years.
• The minimum deposit is 5% on houses and 10% on flats. Depending on the Visa type and time in the UK, this may need to be increased.
• Schemes with no minimum time are okay.
• Schemes with no minimum time remaining on your current Visa.
• Deposits from abroad, including gifts, are considered.
• Minimum income. Although there are no set rules, you will likely need to earn at least £30,000 to cover the rent on the share of the property you do not own.
• UK credit profile

Why Niche Advice Mortgage Brokers and how we can help you with your Shared Ownership Mortgage with a Visa

→ Whole of the Market Expert Mortgage Brokers
→ No automated computer system. We will manually review all enquiries
→ Have been dealing with Foreign Nations for the last 16 years
→ We do not charge any fees until completion of the transaction