Mortgage foreign nationals

Thrugelmir

santosh1 wrote: »

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

Best to start your own thread. Than post on one from 2010!

Times are constantly changing.

santosh1

Hi Sam.Cardiff

How did it work out for you in the end? I'm months away from ILR and my wife a british national. We are looking at 10%LTV. I know Nationwide offer but 20% LTV, Halifax you can get 10% LTV but I also Bank with Barclays and based on the comments its worthwhile looking into Woolwich, which I will do first thing Monday. I have 6 brokers instructed to look at all the options.... Have an offer on a propety accepted so need to get this sorted. Any advice on your experiences etc would be helpful

Valli

santosh1 wrote: »

Hi Sam.Cardiff

How did it work out for you in the end? Any advice on your experiences etc would be helpful

but unlikely to be forthcoming. SamCardiff joined in mid 2012, posted once and hasnt been back on (logged in) for over 6 months.

As has been suggested, start your own thread...

U4EA_2

Hi folks,

I have a friend who is an Iranian national living in the UK, and they are looking to get a mortgage.

Some background to them: -

1) They have been here since 07/2010.
2) They came here as a PhD student.
3) For the first 39 months, they were on a work visa, employed as a researcher as they finished past of their PhD).
4) Since November 2013 they have been back on a student visa while finishing off the last parts of their PhD, which they have now been award.
5) They have been offered a job with a good salary (£30K+) in the UK, which they have accepted (the paperwork is finalised).
6) They are now applying for - and will receive - a Tier 2 General Skilled Migrant work permit, which will be valid for 12 months.

Their credit history is fine - they have been offered up to £4K on their credit cards (without requesting it), no bad credit of any sort at all.

They are not looking to get a massive mortgage, and are currently looking at property around the £100K area as a first buy. They will be able to secure a deposit of £10K, possibly more if needed.

Now, I saw in this thread and in my general research that Halifax seems to be the best place to go in this sort of scenario and, AFAIK, BOS's mortgages are Halifax products.

They bank with Bank of Scotland and went into their branch today and explained the situation and spoke to someone at the bank (it is unclear if they were a Mortgage Adviser or not as they were just taken over to see them on the spot when the meet-and-greeter in the bank asked them what help they were looking for). The person they spoke to looked up their accounts, said it was all in order, and asked them what what their new visa would be. They explained it to them and was told that the first criteria was that they absolutely must be a British citizen or permanent resident and they cannot offer mortgages to those who aren't.

This thread is obviously a bit old so any updated information relating Halifax mortgage products or any other suitable mortgage products for this scenario would be gratefully received.

Thanks,

U4EA

kingstreet

Halifax criteria for non-UK, non-EU/EEA applicants;-

Where the client is not a citizen of one of the countries listed above then the following checks must be completed:

Applicants must not enjoy diplomatic immunity

Passport includes indefinite leave to remain - proceed.

Passport does not include indefinite leave to remain but includes work permit or visa with minimum 2 years 6 months remaining - proceed.

If not, has the customer lived and worked in the UK for over 3 years (excluding refugees or any period as a student) - proceed

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

If none of the above applies, then the case may not proceed (or could be limited to 75% LTV).

Please ensure that if the passport has a visa stamp and if this stamp has specific conditions attached that any documents that refer to these conditions are submitted with the passport, i.e. if the visa says ‘As authorised by the secretary of state’ then the work permit and a letter from the employer confirming that they have applied (or intend to apply) for the permit to be renewed are submitted.

Some Non-EEA nationals may have an identity card issued by the home office in place of a visa, which will confirm the client's right to stay, work or study in the UK. These cards are acceptable.

http://www.halifax-intermediaries.co.uk/criteria/mortgage/default.aspx?filter=F

U4EA_2

Thank you very much kingstreet. It seems that the guy my friend spoke to in the branch incorrectly finished at criteria 2 on the list.

"If not, has the customer lived and worked in the UK for over 3 years (excluding refugees or any period as a student) - proceed"

Well, providing that doesn't mean the LAST 36 months, then they will pass with flying colours as they have over 39 months continuous employment as a researcher in chemical engineering. If you know this off hand, is there any chance you could confirm is this is the case?

Thanks again mate, most appreciated

kingstreet

Such cases are best discussed with brokers. Our livelihood depends on us knowing a lender's criteria better than the lender's own employees. We do mortgages, we aren't going to be trying to fill our current account or ISA target next week...

At the moment I have an Iranian national who wants to use the HTB - Equity Loan scheme. I'm having one hell of a job convincing him he'll get the equity loan and we've done dozens of these cases since April 2013.

U4EA_2

kingstreet wrote: »

Such cases are best discussed with brokers. Our livelihood depends on us knowing a lender's criteria better than the lender's own employees. We do mortgages, we aren't going to be trying to fill our current account or ISA target next week...

At the moment I have an Iranian national who wants to use the HTB - Equity Loan scheme. I'm having one hell of a job convincing him he'll get the equity loan and we've done dozens of these cases since April 2013.

Thanks for the input kingstreet, you've been a great help.

I will start by contacting Halifax directly with a "don't take 'no' for an answer" attitude and see how far I can get. Money is tight here (certainly trying to have absolutely every penny possible) and will exhaust all options before I go for paid advice.

Thank again mate, much appreciated

kingstreet

U4EA wrote: »

I will start by contacting Halifax directly with a "don't take 'no' for an answer" attitude and see how far I can get.

Sadly, there's no "facepalm" smiley.

You've come on here to get a professional opinion and still think a broker's expertise is too expensive, after receiving a broker's opinion?

I don't know about others, but we charge £250. You can waste that easily by picking the wrong solicitor, insurance etc.

All the best.

BTW I do not want the business. This is not an attempt to get anyone to contact me!

U4EA_2

kingstreet wrote: »

Sadly, there's no "facepalm" smiley.

You've come on here to get a professional opinion and still think a broker's expertise is too expensive, after receiving a broker's opinion?

I don't know about others, but we charge £250. You can waste that easily by picking the wrong solicitor, insurance etc.

All the best.

BTW I do not want the business. This is not an attempt to get anyone to contact me!

kingstreet,

Didn't mean to dismiss or offend and I possibly didn't think this through properly first. Maybe it's the frugal Scotsman I am but I was just going to contact the provider directly first to see if I can get a "yes", perhaps without too much hassle. If it becomes overly time-consuming, I will refer it to a broker.