Getting a mortgage on a UK visa

This article will be of interest to anybody seeking to get a mortgage whilst working on a UK visa.

Mortgage lenders can be very picky. Therefore, it’s understandable why many lenders don’t wish to lend to people who might need to leave the country in a few years.

However, at least one lender takes a different view. It’s a fairly pragmatic approach because anybody taking out a mortgage today could leave the country in two years. At that point they would probably sell their house or remortgage it onto a buy to let mortgage. The important factor is that the borrower can reasonably afford the mortgage for the time they have it

90% mortgage on a UK visa

Bear in mind that lenders criteria changes but, at the time of writing, there are offering up to 90% loan to value. The LTV reduces depending on the loan amount as follows:

• Primary Factor: Up to 90% LTV available on loan amounts up to £400,000
• Second Element: Up to 80% LTV available on loan amounts above £400,000 and up to £750,000
• Third Aspect: Up to 75% LTV available on loan amounts above £750,000 and up to £1 million

This will be subject to change but the point is, it’s worth checking what products are available for people looking to get a mortgage on a UK visa

What type of visa?

Currently this lender is looking for borrowers on a skilled worker visa. This could be a Tier 2 visa, a spousal visa or a British national overseas visa.

If getting a mortgage on a Tier 2 visa the crucial point currently is that there is still two years left to run when you apply.

Mortgage on a UK visa even with quirky circumstances

The particular lender considering this at the moment is a very well established Building Society.

Within their lending appetite they are very used to looking at quirky scenarios such as applicants on probation, shared ownership and other less straightforward applications.

Whilst they aren’t keen on poor credit, if it’s historic it can be considered.

Important – lenders mortgage criteria changes so always get in touch to find out the latest situation

Bridging Loans Secured Loans Development Finance

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