Published 11 January 2016 · Last reviewed 25 February 2017 · Older article — see current rates
I’ve only been living and working here for a year in the UK and am on a Tier 2 Visa can I get a mortgage?
The answer is ‘yes’, in theory, however, there are certain restrictions simply because of the time you’ve been in the UK and not necessarily just your visa.
The length of time in this country can be critical to UK mortgage lenders as many of them operate a computer based assessment, known as credit scoring, in determining whether you are the customer for them. Credit scores work on the principle of rewarding long track records as such they provide favorable responses for applicants who have been with their current employer and have conducted personal finances well for a longer duration. Furthermore, applicants with a permanent right to reside in the UK may also return a better score than a foreign national on a visa.
I have vast experience of helping visa applicants and the type of visa will also have a direct bearing on the lender selection. For tier 2 visa mortgage applications you normally have to put down 30% to 25% as a deposit, if you have been in the UK for less than 2 years, otherwise the lender’s policy and credit scoring will decline you. If you have been on a visa in the UK for more than 2 years then 10% deposit is normally fine.
I strongly recommend that you speak to me personally before applying for a mortgage with a VISA as matters are complex and you are likely to run into problems, waste time and money on multiple abortive application attempts, which will damage your credit file.