Mortgage foreign nationals

Kash1973

I would like some advice. I have been declined a first time buyer mortgage with my bank HSBC because I only have 18 months left on my work permit visa.
They have ignored the fact that I am a NHS consultant with strong salary and permanent job. I have lived in UK for 4+ years and am eligible for settlement/ permanent residence early next year. They said according to their 'unwritten rules' I had to have at least 2 years left on my visa or have permanent residence here. I was paying 30% of the price of the house (£410K).
What to do next to get a good mortgage? Any suggestions?

dfh

You will have to try another bank.Different banks and building societies have different criteria.The other thing would be to use a mortgage broker who will be able to sift through the different banks to see which one will lend to you.

Kash1973

Yes, thanks I understand that is what I'll have to do now. The problem is that if my bank has stood me down, what chance do I stand elsewhere!

kaych

i think most of the banks require you to have a minimum of 2 years left if you are on work permit. at least that's what nationwide, abbey and HSBC told us (my partner is on work permit). and Lloyds do not lend any foreign nationals at all.

Amara

The only advice.

Kash1973

Kaych what did you do than?

kaych

oh my OH had just over 2 years left at the time of application, so we were fine.

but i was told that if you are a HSBC premier account holder, that might help. as my OH's parents are oversea HSBC premier account holders and have been told by HSBC the amount they could borrow if they wan to buy in the uk. even though they do not live in the UK nor being a UK citizen. maybe you could ask HSBC?

Kash1973

I am actually a HSBC premier customer. I think the bank is worried about what will happen if I am forced to leave UK after 18 months as I'll lose my job here then; although I can't see a problem in getting indef leave to remain/settlement visa.
The underwriter on the phone said there was no appeal process. Is there any place where you can have your voice heard?

herbiesjp

As long as your income can support the mortgage level being requested, you should have options available to you, even with your current visa status.

If you do not fit criteria there in no point in appealing as the simple answer will be a polite "no".

So get in contact with a good whole of market broker, and they should be able to help you find something pretty quickly.

SteveJG

As others have said already, a broker should be your first stop. Anecdotally, we have heard HSBC are quite strict lenders.

My wife is a foreign national with > 4 yrs working here, but not quite ready to apply for PR. We've just been approved (subject to house valuation) for our mortgage with Halifax.

bni

Try Halifax, I think they are very flexible on this point. We just got a mortgage through them and as our credit score was on the highest level we didn't even have to provide details or a copy of my partner's visa.