Tier 1 Visa + Mortgage application

The_Palmist

plasmafire wrote: »

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?

It is always a choice, yes correct but insensitive at the same time. Do you apply the same rule everywhere? Child getting abused at school, well it is your choice to send your kid to that school. Bad neighbours...well it is your choice to live in this street? You see where I am going with this.
Back to topic...5.39% seem a bit high looking at current Halifax offers...it is 4.8% for 2 yrs for LTV 85%. Did you get some cash back as well? I remember receiving about £250 or so towards legal fees.

9ja4life

Our deposit was 35% of house value. I had 13 months left to extend the Tier 1. OH is British. Combined earnings just under £50k. No kids. I have a HP with 12 months to go and no other debts. OH has no debts at all.

Natwest was ok with us but had high interest rates - offered us 5.8%

Barclays not interested

Accord offered us 4.3%

Went with Abbey/Satander for 3.89% fixed for 5 years.

Decided to get a BTL as well with a 25% deposit.

Rejected everywhere (fee free) except Godiva who will fix for only 12 months and high interest rates.

Finally went with Northern Rock for 4.8% fixed for 2 years and took them over 9 weeks to sort the mortgage. Also insisted on seeing our marriage certificate and wanted to know why I won't change to a spousal visa - smh.

All done through a broker - Not sure I would have had to patience to keep chasing things up as well as working full time, studying and planning a wedding! :eek:

We very happily paid the broker too. She was god sent!

Completed on residential house in March, BTL completed and rented out last week.

HTH

The_Palmist

3.89% fixed for 5 years sounds like a good deal.
My experience with Halifax was really good. 12 months left on visa, 25% deposit and everything agreed on phone in less then half an hour. Faxed some wage slips next day and that's it really. 3.89% and some cash back. Halifax is the way to go.

Dilpreet

Hi All,

Hope some one can help. I am on Tier1 visa with remaining 9 months validity, I am going for 75% LTV mortgage (5% of which is from Builder). Thi s is a new build property. My initial application to woolwich was rejected yesterday. But Abbey/Santander has accepted the initial application. I am waiting from my broker for further updates. However she said that she can't confirm any thing until unless bank ask for a valuation. Any views ?

Thanks all.
D

Nanz

Hi all

I sort of dropped off this thread sometime ago as I basically gave up trying to get a mortgage as we fell into the period whereby we had less than 12 months remaining on our Tier 1.

I decided now to wait till I get my ILR in Nov before I start house hunting and looking for a mortgage again.

The_Palmist

Hey Nanz, sounds like a good plan, no harm in waiting a bit, not like prices are going to go up anytime soon. Good luck.

MoreMoney

Hi Folks,

After reading this thread, I feel a bit better as lot of others are in the same situation as mine. I'm on Tier 1 left 15 months before going for ILR. Also, to make mortgage matters bad to worse, I'm on a contract for the past 1yr 9months. Any of you had through same situation, please advice.

Shall I wait till I get a ILR, or purchase the house before that. It certainly doesn't make me happy to pay high rents and stay in a 2BR flat. BTW, I can pay upto 25%.

The_Palmist

15 months left to apply then a few months for application. If you can wait that long then good, I would suggest speaking to individual lenders to assess who is going to be your best option when you do decide to get a mortgage. you will then have to compare if the rates offered are competitive enough. Just pick a few lenders and call the mortgage lines.

TheITguy

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.

No experience yet, but about to embark on the same route.
: Final Tier-1 extn for 2 years underway
: IT Contractor, with Ltd company for 2+ years (Worked under Umbrella companies for about 2 year prior to that) in the UK
: Looking for upto an 80% LTV
: 40K+ Deposit

Appointments booked with Santander (whom I bank with), Barclays and Halifax during this month.. Lets see what they have to say.. Fingers crossed..

TheITguy

(Circumstance: Tier 1 General, 2 years till ILR, IT Contractor via Ltd Company)


Met with the Halifax this morning.

Said that Halifax and HSBC are the only 2 that provide mortgages to Tier 1 folks - which Im not totally sure of. I believe Barclays are also in the mix.

In any case - they need 3 years worth of earnings...which can be a mix of Contractor pay (Original Self Assessment statements from HMRC) + any previous P60's from either an umbrella company or permanent employment.

The amount they can lend typically is upto 5x your pay (not what the company earns.. what you pay yourself; Salary + Dividends) - essentially what you have on your Self Assessment; but can vary depending on other factors - any other loans, credit card, credit report etc..

Applications in this case are referred to underwriters and are treated on a case by case basis.

Also, I was told that if advisors already key in information into their system while they discuss your circumstances to generate you a Mortgage in Principle, it may lead to a credit search on your file... So only once you have all your facts and figures in place - earnings reports (exact figures) etc, should you let them run it via the system... My discussion was documented on paper, and I need to go back and get the proper numbers to discuss it further..

Appointments with Barclays and Santander next week - to see what they have to say..