Mortgage foreign nationals

manupreet

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

Just wanted to say thanks for all the information you have given in this thread. Really useful mate.

I was just wondering if you can tell me which mortgage broker did you go to and if you wouldn't mind sharing his/her details with me.

I am in the same sort of a situation. I am on Tier 1 (previously HSMP) and my current LTR expires in APR2012 so I have just about 1.5 yrs on my LTR left and I'm due ILTR after that.

I have about 20-25% deposit. Please advise.

Many thanks

nocturne_sa

manupreet wrote: »

Sketos

Just wanted to say thanks for all the information you have given in this thread. Really useful mate.

I was just wondering if you can tell me which mortgage broker did you go to and if you wouldn't mind sharing his/her details with me.

I am in the same sort of a situation. I am on Tier 1 (previously HSMP) and my current LTR expires in APR2012 so I have just about 1.5 yrs on my LTR left and I'm due ILTR after that.

I have about 20-25% deposit. Please advise.

Many thanks

Hi

Same boat as you guys. Would also like to know which advisor you used.

Cheers

LuckyGirl_2

Hi All,

I am in a similar sort of situation but a different set of problems.

1. I am a foreign national and have just over a year of Tier 1 visa.
2. I have a good job and a decent salary.
3. I have been working for 3.5 years and I was student for almost 6 years.
4. I am getting married to an English guy in 6 months time.

I have a mortgage with Santander already but I want to borrow additional loan. They said that they can't make a decision and it need to be referred to the underwriters.

What does this mean? Has anybody experience anything similar? and what's the outcome?

sp3ctre

I am in a similar boat. I am a British citizen and my wife is from S.Africa. We want to take a mortgage with 60% LTV. She moved to the UK on a marriage visa (2yr) last Feb, so has just under 1yr remaining.

Cheltenham & Gloucester (existing lender) said no. Spoke to L&C and they seem to think we stand a good chance with ING (great rate) or Halifax (even more chance, not so good rate).

Must say I am a bit nervous reading all this about lenders wanting 2 yrs left on a visa.

owenglenny

Thanks Sketos for the information. My husband and I are in a similar position. We are both on a tier-1 visa and have been in the UK for less than 2 years. We have both slightly less than 2 years remaining on our visa, but both good jobs and salaries and a 30% deposit, and 0 debt.

It seems that in general applicants on a tier-1 visa who get accepted had either been in the UK for 2 years+ or have more than 2 years remaining on their visa. Any info on anyone who would have been accepted and in a similar situation to ours would be greatly appreciated!

suds1906

I'm on Tier-1 visa, 10 months left before I go for extension.

I approached L&C and an adviser there told me come back after you get your renewal for 2 years.

I'm a HSBC premier customer. They told me they require atleast 1 year of visa left.

I have applied for AIP on ING Direct website. They didn't gave immediate decision but the website says it will go through underwriter and I'll know in 5 working days.

Woolwich is the other bank whom I'm thinking of approaching.

In the whole market I can see that the best rates are offered by HSBC, First DIrect, ING Direct & Woolwich.

suds1906

Some of the Lending Criterias of Banks/BS regarding Residency Requirements -

1. HSBC - Visas should be for more than one year (HSBC Premier Customers)

2. ING Direct - Visas should be for more than one year and accompanied by evidence of stable, professional employment.

3. Halifax -

• Passport has work permit or visa with minimum 2 years 6 months to run - proceed
• If not, where work permit has less than 2 years 6 months employer must confirm that they have applied (or intend to apply) for the permit to be renewed - proceed

4. Abbey -
Applicants with limited right to remain in the UK, with a low credit score and an LTV in excess of 75%, are not acceptable where dependent on that applicant's income.

All other applications with a foreign national applicant (e.g. applicants with indefinite rights to remain in the UK) may be considered subject to full underwriting and supported by the following:

• Indefinite leave or for those with limited leave a minimum of 2 years right to remain in the UK, with no restrictions on employment, proven by:
  • A Visa stamp in a currently valid passport or
  • A United Kingdom Residence Permit or
  • Written confirmation from the Border and Immigration Agency/Home Office
• The applicant must have been resident and working in the UK for a minimum of 12 months

5. Woolwich -
Residency: All applicants must have been resident in the UK for at least the last two years and be UK Tax Payers ie if any applicant is an Expatriate or Non UK Resident we will be unable to assist.

DuncanDonuts

Hello All, first post on this site, so hope i've not screwed it up!

Just wanted to say that i've agreed a mortgage in Principal with Halifax, based on them knowing of my visa status and having only 16months remaining on it (Tier 1).

It was through the help of this forum that I decided to give Halifax a go, saving me paying 1000 pounds to a broker (which I have no problem with if your situation requires it, as I thought mine was going to).

I wouldn't normally take the time to post, but feel this is a very big decision for people, and having as much info as possible always helps! I'm a forum scourer, so i'm sure someone will find it helpful.

I'm not precious about providing the info I provided to Halifax as its anonymous, but think its the type of detail that will really help people if they are in the same boat(incase your considering using them):

My age: 30
Income: Basic 42k, 3k bonus/overtime
No oustanding debt or dependents
Credit card debts paid in full monthly
Country of origin: NZ
Amount requesting: 10% of a 250k property, ended up offering 220k, so slightly less, but would review based on salary review.
Years in the UK, 5yrs 8 months (almost 5 years working, as previous visa was working holiday before transferring). They stated they were interested in 3 years work/residency if i had less than 2 years remaining on my visa.

The rates arn't amazing, but managable, at 4.8% above base rate (2 years tracking as of the day I post this), but still better than putting 10k a year into rent which you see no return for. I figure if your not losing that much on a property in maintenance and devaluation, you might as well get in a house if you can!

Hope that was of some detailed help, and will post again with confirmation of mortgage when I find the right property (assuming everything goes to plan).

sam.cardiff

Hi everyone,
I have been reading these posts for a while. I am also in a similar kind of situation. I am a foreign national my visa is not Tier 1 but EEA2 (Residence permit for the family members of EU citizen) I have been here past 9 years, and my Residence permit got another 4 years validity. I am self employed with 3 years sa302. My wife working full time with all paperwork needed for the mortgage. Contacted Barclay's (both of us bank with them) after one day and lot of phone call they said they can’t provide because I don't have ILR (But they said if I am on a £30000 a year then no problem). ING gave me an AIP with all the detail. But I heard the horror stories of rejection when we go for an actual application. I am going for an 80% LTV. Planning to call L&C today. Is there a problem if I go to a mortgage adviser after getting an AIP? All opinions and advice much appreciated. Thanks in advance.

santosh1

Hi Kash, Saw your thread message. im new to this site. wondering what desposit you put down with Woolwich?