Mortgage foreign nationals

herbiesjp

LilyDeTilly wrote: »

This isn't actually true. You are unlikely to find a lender that will consider you with less than 2 years left on a visa. As someone else mentioned, go to a broker who will be aware of criteria for different lenders and will be able to advise you without submitting an application and clocking up credit checks.

Yes it is actually true.

I've been doing this long enough to know thanks.

And what else have I said in my posts......get in contact with a good broker, as they will know.

hshen

LilyDeTilly wrote: »

This isn't actually true. You are unlikely to find a lender that will consider you with less than 2 years left on a visa. As someone else mentioned, go to a broker who will be aware of criteria for different lenders and will be able to advise you without submitting an application and clocking up credit checks.

If this is enforced by all lenders, how does people on tier-1 extension (2 years at a time) ever get a mortgage?

My broker from L&C called up ING and they were willing to proceed even if you have < 12 month visa left. But you do need a very favourable LTV. I'm on 60%.

Samira1970

My hasband is on a Tier 1 visa, have been working in the UK now for just over 3 years but visa expires in 18 months. Initially he was employed as an IT specialist working for one of the high street banks but started contracting through his own limited company last year (10 months ago), although he is earning much more than when he was in permanent employment he is finding it impossible to get a mortgage.

Does anyone have any suggestions?

Thanks

Sam

nocturne_sa

Another issue to consider are the new ILR rules from 30 July 2011. From what I gather, they will potentially make it more difficult/longer to get ILR.

hshen

nocturne_sa wrote: »

Another issue to consider are the new ILR rules from 30 July 2011. From what I gather, they will potentially make it more difficult/longer to get ILR.

Thanks, I will look it up now.

Samira1970

hshen wrote: »

If this is enforced by all lenders, how does people on tier-1 extension (2 years at a time) ever get a mortgage?

My broker from L&C called up ING and they were willing to proceed even if you have < 12 month visa left. But you do need a very favourable LTV. I'm on 60%.

I contacted L&C and explained our situation and requirements and after speaking to two different mortgage advisers and 45 minutes later they were not able to help me. They said that we have to wait until he has at least two years accounts, unfortunately that is 14 months away and we have found a property we desperately want to make an offer on.

Does anyone have any other mortgage specialist that can assist?

Simplyxhris

Sketos wrote: »

My wife and I are IT contractors on a Tier 1 visa, previously on HSMP.

I got a deceision in principle from Abbey only to be told after three weeks that they would be restricting the mortgage loan to 75% of the property purchase price, I was really upset as they should have told me this at the beginning.

I then went to HSBC, First Direct and ING but they were not interested. At least they told me from the outset and didn't waste my time.

The other problem I encountered was that I was an IT specialist contracting through my limited company which made it virtually impossible as I only had one years accounts.

Eventually, I googled "Mortgages for Tier 1 visa holders" and found some fantastic sites, very informative. I contacted one of these sites that provided a mortgage brokerage service and they managed to arrange a mortgage for me with Halifax.

They did all the work for me and got me the mortgage in three weeks.

I needed to provide 3 years work visa history.

So it is possible to get a mortgage, you just need to find a good mortgage broker that has experience handling foreign nationals.

Sketos

@Sketos

I am in a very similar situation as yourself. IT contracting through own limited company (was previously in permanent employment for a year and half) and will have my one year account by end december. 28 months remaining on Tier1 visa and have been in the country since mid 2007. Looking at a 20% deposit

Would you kindly refer me to the mortgage broker that helped you secure one with Halifax. Please PM me if preferred. Many thanks.

hshen

Just want to share my experience.

I ended up going for Halifax as Barclay and ING didn't think I had enough credit limit. I have about 3k credit from my credit card and overdraft.

I have 40% deposit and they didn't make anything of my visa issue.
I have just over 12month left on my tier-1.

For people with low credit limit (or don't like to take on lots of credit), Halifax seems like a safer bet.

I went through a fee-free whole market broker.

Kash1973

Hi
I started this thread- am returning after quite some time. I got mortgage through Woolwich/Barclays. They are slow, perhaps compared to lets say Halifax as quoted here, but I believe you should get a mortgage as I did.
You'll probably have acted by now as I see you posted this more than a week ago.
Best of luck,
Kash

Radsteral

it took hsbc's 19ish year old ''mortgage adviser '' 5 minutes to tell me '' no morgage for you, not now , not ever'' despite 12 years with them,credit debit cards, and some 150k go through my bussiness account yearly..
i went to speak to bank manager but she was full of ''in these hard times, we have to take drasic actions not to end up like royal bank of scotland ''
200 quid to a mortgage adviser, and 6 days latter i had a full mortgage offer in my post.
as i bought a house , defining what was happening with royal bank of scotland i opened a bussiness account and current account with them, and then sent a special delivery to thehsbc bank manager with the headline '''in these hard times, we have had to take drastic action, and join royal bank of scotland ... purrlease transfer all my funds to these 2 accounts miss. love Radster and abbey morgages''
:rotfl:

Kash1973 wrote: »

Thanks a lot ''babyharry5''
So there are other people affected by HSBC's arrogance. I've also never used my overdraft facility and have an excellent credit rating. I was putting up 125K as down payment on the house and they couldn't understand that I would only be completely mad to invest all my savings if there was any threat of my having to leave the country.
London & Country (L&C) have yesterday found me a similar lifeterm tracker (1.99% plus base rate) with Woolwich/Barclays. L&C are 99.99% sure that my immigrant status will have no bearing on Barclays underwriters' decision- but we will learn the outcome on Monday or Tuesday.

Having some second thoughts about L&C though, as despite recommendations here and elsewhere, some individual reviews do mention their experience of poor service, delays in processing and frustration at change of personnel handling their applications.
Any advice on Barclay/Woolwich mortgages and also about L&C's services.
So far I am quite happy with them.