Shared Ownership
Obtaining a mortgage as a foreign national in the UK is entirely possible and we can help you through the process.
There’s a bit of a misconception that if you aren’t a permanent UK citizen then you can’t obtain a mortgage, but that’s not entirely true. There are many lenders out there who do offer mortgages to foreign nationals and it is all down to the circumstances for each case. A lot of people go direct to their bank and find that they’re not able to consider their case, then where do you go next? Well, each lender has their own set of criteria when it comes to foreign nationals so it could be pretty difficult for you to navigate your way through it all on your own. That’s where we come in, we’re experts in the field so you can rely on us to research your options to find you the best lender for your situation.
What about EU Nationals?
EU nationals with pre-settled or settled status are usually treated the same as UK citizens when it comes to applying for a mortgage, meaning that there aren’t restrictions in terms of deposit size for example. Depending on how long you have lived in the UK, lenders may still have issues in conducting credit searches if you haven’t built up much of a credit profile in the UK, which could make it a bit more difficult to obtain a mortgage. That’s why we always recommend downloading a copy of your credit report, we can then take a look over it and identify any suitable ways that could help to boost your credit footprint.
Since Brexit, there have been some changes to the system for EU nationals, if you hadn’t applied for the EU settlement scheme before 30th June 2021, you are no longer eligible to apply for the scheme and instead you would require a visa to live and work in the UK. This means that lenders would treat your application according to their foreign national criteria, therefore there can be restrictions in terms of your deposit amount, time spent in the UK and the amount of time that you have left on your visa.
The main factors that impact mortgage applications for foreign nationals
Length of time in the UK
Many lenders may require you to have been living in the UK for a minimum period of time. Some lenders require a minimum of 1 year, whereas some have a requirement of just 6 months and others have no requirement at all.
The main reason why lenders have a minimum time period is because they need to conduct credit searches on you in order to decide whether or not they’re able to lend to you. If you’ve arrived in the UK fairly recently, you may not have enough of a credit footprint in the UK for them to make that decision.
Deposit
The majority of lenders do require a minimum of 25% deposit for a foreign national case.
However, depending on the rest of your situation, such as your level of income and the amount of time that you’ve been living in the UK, we could potentially find a mortgage for you up to 95%, meaning you might only need as little as 5% for your deposit.
Some lenders also require the deposit to come from your own funds, as opposed to it being gifted to you – but that’s not always the case.
Income
The majority of lenders do not have a minimum income requirement for foreign nationals, however, it can become a bit tricky if you’re paid in any currency other than pound sterling. For example, if you were paid in Euros or US Dollars, not all lenders would be able to consider this.
Visa
There are several types of visas that we come across, the most common ones being:
- Skilled worker visa (formerly Tier 2)
- Entrepreneur visa (formerly Tier 1)
- Family/Spousal Visa
Typically lenders treat all visas the same in terms of their requirements for a mortgage. Some lenders also have a requirement for the minimum amount of time that needs to be remaining on the visa, usually this is 6 months to 1 year.
So if you've just moved to the UK from abroad and you're looking to purchase a property, then get in touch with us, we can help save you a lot of time and stress!
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Our role is to find you the best deal based on your circumstances and with access to the whole market, you can trust that we will find the best deal for you.
We’ll take into consideration your individual circumstances in order to find the most suitable lender for your case,
Provide Additional Services
There’s a lot to think about when it comes to buying a property, but there are other aspects, aside from mortgages that we can help with.
We can help with finding the right solicitor to deal with your case or even local firms to carry out your surveys if you like. It’s one less thing that you need to worry about.
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There’s nothing more frustrating than having a mortgage adviser who takes days to respond to your last email. So, we’ve made it our mission to always be as responsive as possible so that you can get the answers that you need in as little time as possible.
Mortgages for Foreign Nationals and EU Citizens
If you’re a foreign national who currently holds a valid visa, or an EU citizen, then get in touch with us using the form below. We will help to navigate you through the entire process, helping put the keys to your new home in your hands.
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Check out our frequently asked questions below and if you have any of your own then get in touch and we'll happily answer those for you!
Foreign National and EU Citizen Mortgage FAQs
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