FTB Help needed

lea2012

Hi there everyone,

Me and my hubby are wanting to buy our own home but are really struggling and could do with some sound advice from you great folk!!!

The problem is that my hubby is a non eu national and there fore does not yet have indefinate leave to remain in the uk (he will have in approx 6 weeks). He is here on a 2 year settlemnt marriage visa and has the right to work. The visa will run out in a few weeks and then he will gain the right to remain here as long as he wants.

He works full time and I work part time. Our joint income is approx £30,000 inc both wages, tax credits and child benefits for our daughter. We have no savings but could find a 5 % deposit with help from my parents.

We are looking at houses of around £75-£80,000 so need a mortgage of £76,000 maximum.

We did have mortgage agreement in principal with n***est but it was only valid for 3 months and we didnt find a suitable house in that time and now it has ran out they will not take us back on.

We have no existing loans or credit apart from my student loans from the govt so we dont have a particularly good credit score.

We need advice on what to do next as we have now seen a house we like but cannot get a mortgage!! Does anyone have any advise for us in our situation or know anyone who has got a mortgage without right to remain in the uk? (it used to be allowed and happen frequently until about 12 months ago). Or do you think its best to wait until we get the next visa in a few weeks then most banks will allow us to try for mortgages with them?

Are all lenders now asking for 10% deposits or was that just our estate agent employed mortgage broker fobbing us off so we didnt go elsewhere?

Any help in this complicated situation would be appreciated!

Thanks all

Lea x



Lea

lisyloo

Me and my hubby are wanting to buy our own home but are really struggling and could do with some sound advice from you great folk!!!

Are you aware that huse prices are currently plummeting and that the UK could well go into recession?

My advice would be to keep saving, do some research and rent for a while.
You could get a much better house in a few years if you wait.

Chris2685

I would suggest going to a financial advisory and getting them to do an in depth affordability check on you, and they will then be able to give you a professional opinion on whether you will get a mortgage and how much of one you will get. If you are on 30k a year, and only need to do borrow 76k, you should be able to get a mortgage. I can't imagine it would be too difficult for you to wait and save up 8k if you really tried, although I have no idea what position you are in, so can't say for sure.

herbiesjp

Lea - which country is your hubby from?

How long has he been in the UK?

The problem here is twofold:
1) Short visa term left
2) 5% deposit

You can find a lender that offers 95% deals and also lenders with a short visa left.

However finding one that offer a combination of the two will be more difficult

I would suggest getting in contact with a whole of market adviser, to see if they would be able to help steer you in the right direction

lea2012

Thanks for your advice. I understand the property market at the moment is not the best however rental prices have shot up in our area and our money will go further on a mortgage than it will trying to find a decent family rental property.

We have sought the advice of a whole of market advisor a few months back in March and he advised that with my husbands visa we would only get an 80% mortgage. He is from Turkey and as I say he will be gaining indefinate leave to remain in Mid september.

I think it is best to wait until we have that and then go and see a whole market advisor again and try to find something.

Thanks.

minimike2

Once he has indefinate leave to remain it should be a lot easier to get a decent deal, so you should be better positioned to look then.