Asylum seekers on a refugee visa Mortgage options from the Experts
This article is aimed at mortgages for Asylum seekers on a Refugees Visa who are in the UK and are looking to buy a property.
The World is sadly divided with conflicts in Syria, Ukraine, Iraq, Iran, Yemen, Libya, Somalia, Sudan, South Sudan, Afghanistan to name a few.
The rest of the World can offer Refugees a home in various degrees subject to multiple red tape hoops being jumped through. Should decide, and are accepted, to settle in the UK you will be provided with a residency permit / Visa with a finite deadline which may be renewed. This expiry date might help you decide whether to settle permanently in the UK and start a new life here.
If you’re set on staying then it’s only right you should be granted the opportunity to purchase a property to live in with the help of a mortgage. However, you’ve probably tried already if you’re reading this article and found that this too carries its own entry issues.
Most UK Lenders look for permanent rights to reside in the UK before they will consider lending. Even some active Visa Mortgage Lenders shy away from mortgages for Asylum seekers / Refugees which I can only summarise is to avoid bad publicity should they need to repossess the property a result of non-payment.
That said I have personally arranged many mortgages for Asylum seeker Refugees on a Visa here in the UK including for my fellow compatriots from my native Iran. The mortgages do however need “hand-holding” as there is a very small number of Refugee Visa Lenders, each with their own rules, so you need to get the application process right first time.
To get an insight into whether you will be eligible for a mortgages for Asylum seeker on a 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 mortgages for Asylum seeker Refugees on a Visa.
Frequently asked questions on mortgages for Asylum seeker / Refugees on a VisaSelection of Fixed Rates
|Buying||A standard purchase|
On your own
|A standard purchase with someone with permanent rights to reside in the UK||Under Help to Buy|
On your own
|Subsequent reversionary rate||4.25%||4.24%||4.25%|
|The total amount you must pay back, including the amount borrowed is||£348,952.07||£451,212.21||£350,227.83|
|Overall cost of comparison APRC||3.8%||4.0%||3.7%|
|Type and initial benefit period||Fixed rate to 02/08/2027||Fixed rate to 31/07/2027||Fixed rate to 02/08/2027|
|Lender valuation fee||Free||Free||Free|
|Lender booking fee||£Nil||£Nil||£Nil|
|Lender product fee||£999||£Nil||£Nil|
|Cashback from the Lender||£Nil||£Nil||£999|
|Basic legal costs||Payable||Payable||Payable|
|Our broker fee charge||From 0.5% of the loan size|
* Rates as at 13/5/2022.
* 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 £300,000 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.