Tier 1 Visa + Mortgage application

Simplyxhris

Some very useful information on this thread. Does anyone have any experience of a Tier 1 visa holder working as an IT contractor through own limited company getting a mortgage. I've been banking with HSBC for about 4 years now but quite honestly from the comments I've seen on a number of forums, they do not seem to be the way to go. My main account (both personal and business is with HSBC) and I do maintain a current, savings and fixed deposit accounts with Barclays and contemplating on switching to Barclays as a main account if it will benefit me eventually when applying for a mortgage. Or is it beneficial to also open an account with Halifax - I'm looking to apply for a mortgage in about 6 months to coincide with when I extend my Tier1 visa for another 2 years.

Any helpful info on these please. Many thanks.

lifofifo

Simplyxhris wrote: »

Some very useful information on this thread. Does anyone have any experience of a Tier 1 visa holder working as an IT contractor through own limited company getting a mortgage. I've been banking with HSBC for about 4 years now but quite honestly from the comments I've seen on a number of forums, they do not seem to be the way to go. My main account (both personal and business is with HSBC) and I do maintain a current, savings and fixed deposit accounts with Barclays and contemplating on switching to Barclays as a main account if it will benefit me eventually when applying for a mortgage. Or is it beneficial to also open an account with Halifax - I'm looking to apply for a mortgage in about 6 months to coincide with when I extend my Tier1 visa for another 2 years.

Any helpful info on these please. Many thanks.

I am in the same boat and managed to get a mortgage from Barclays. They require at least 1 year remaining on your visa. And they are unlikely to give you agreement in principle. However, Barclays also consider retained profits when offering the mortgage.

Simplyxhris

Thanks lifolifo. Can I ask if you were a Barclays customer at the time of the application and what sort of LTV you were granted? Did you use a broker or went directly to Barclays. Thanks

lifofifo

Yeah, I had been a Barclays customer for about 4 years at the time of my application. As it was a new build, maximum LTV offered was 80%. I didn't use any broker, did the application via telephone. In retrospect, I felt like I should've applied via a branch as you end up dealing with a different person every time when you apply over the phone.

Simplyxhris

Thanks for the info. I will speak to my local branch regarding advice on this.

suds1906

I have my mortgage approved by HSBC yesterday and I'm on Tier-1 visa with 22 months left on visa. Key points for successful mortgage application with HSBC -

1. Ideally should have Indefinite Leave To Remain (ILR). If not then -
2. If on Tier-1, three conditions should be met -
a> HSBC Premier customer for 12 months
b> At least 12 months left on visa
c> Max LTV allowed - 75%


Hope this helps!

Simplyxhris

@suds1906
Thanks for sharing. Are you in permanent employment or working through a limited company - trying to ascertain what additional requirements are for ltd company contractors if this applied to you. Also what interest rates were you able to get if you don't mind? Many thanks.

The_Palmist

Hmmmm.. not sure if HSBC mortgages are actually worth this much stress. I agree they are competitive but you can always find similar or better long term deals else where.
Mortgage approval is beginning to feel like passing an exam. It shouldn't be like that folks.....from now on I have decided to boycott any institution which is not interested in my custom.

Simplyxhris

Unfortunately it seems easier for a camel to pass through the eye of a needle than a Tier 1 visa holder getting a mortgage with a high street bank these days. Boy the flak we Tier 1 holders get! We steal British jobs, we are benefit scroungers, we overload NHS, we are everything but hardworking immigrants trying to make a honest living - apologies for my rant.

plasmafire

Simplyxhris wrote: »

Unfortunately it seems easier for a camel to pass through the eye of a needle than a Tier 1 visa holder getting a mortgage with a high street bank these days. Boy the flak we Tier 1 holders get! We steal British jobs, we are benefit scroungers, we overload NHS, we are everything but hardworking immigrants trying to make a honest living - apologies for my rant.

Jeez with that kind of an attitude you wouldn't be able to pick up the easiest chic in a bar, much less a mortgage. What I always say to my ranty friends that it is a choice to work-live-mortgage here.

BTW.. got through Halifax 30 years.. 5.39% fixed for 2 years 85% LTV on 250K. Rate is meh.. but only willing lender my IFA found. Anything better out there?