Mortgage for foreign nationals

namralaks2001

Hi,

Can anyone help?
I am here on a Work Permit and have a 4 yrs left to work in this property.Which lender would accept me for a mortgage?

Though i will surely get my permanant residency in 2007 because i have been in this country for 4 yrs.Most lenders only accept applicants with apermanant residence permits.

And also i am looking for a low fixed rate.


Thanks

MortgageMamma

Hello, what is your nationality and what is your occupation? Will you get your permanent right to reside through marriage to a UK Citizen? - if you could give me a few more details about your situation I might be able to help, it would also be useful to know how much you are looking to borrow, how much deposit you have and what your credit rating is like

Thanks

Lisa

brummybloke

MortgageMamma wrote:

Hello, what is your nationality and what is your occupation? Will you get your permanent right to reside through marriage to a UK Citizen? - if you could give me a few more details about your situation I might be able to help, it would also be useful to know how much you are looking to borrow, how much deposit you have and what your credit rating is like

Thanks

Lisa

no longer do people have a right to stay in the uk by marrying a uk citizen, also just because someone has been in the uk for 5 years, no longer gives them the right to stay.

unless you are buying for cash ( in which case im sure the money laundering act would apply), i cant imagine any money lender giving you a mortgage unless there were exceptional circumstances.

i would contact the home office for clarification on your status within the uk, maybe they will review your 4 year work permit ( and if you have been in the uk for 4 years already, i am guessing you originally came as a student and have changed the reason for staying to sponsored work? (this would be for a country such as India, where it is rather rare for the person to get uk citizenship after coming as a student and then a prolonged working visa.

i would be careful, the last thing you want to do is find you get accepted to one of the more expensive lenders ( ones who advertise on the tv), pay a load of money and they then take the property off you for breaking a condition of not being a uk citizen.

good luck

herbiesjp

namralaks2001 wrote:

Hi,

Can anyone help?
I am here on a Work Permit and have a 4 yrs left to work in this property.Which lender would accept me for a mortgage?

Though i will surely get my permanant residency in 2007 because i have been in this country for 4 yrs.Most lenders only accept applicants with apermanant residence permits.

And also i am looking for a low fixed rate.


Thanks

There are several lenders that will lend to non UK nationals, but they are normally agreed on a case by case basis. So it will depend on your overall picture as to who will be best for you.

Have a read of Martin's article and then see a fee free whole of market adviser

MortgageMamma

brummybloke wrote:

no longer do people have a right to stay in the uk by marrying a uk citizen, also just because someone has been in the uk for 5 years, no longer gives them the right to stay.

unless you are buying for cash ( in which case im sure the money laundering act would apply), i cant imagine any money lender giving you a mortgage unless there were exceptional circumstances.

i would contact the home office for clarification on your status within the uk, maybe they will review your 4 year work permit ( and if you have been in the uk for 4 years already, i am guessing you originally came as a student and have changed the reason for staying to sponsored work? (this would be for a country such as India, where it is rather rare for the person to get uk citizenship after coming as a student and then a prolonged working visa.

i would be careful, the last thing you want to do is find you get accepted to one of the more expensive lenders ( ones who advertise on the tv), pay a load of money and they then take the property off you for breaking a condition of not being a uk citizen.

good luck

I'm not saying the OP would gain permanent residency by marrying a UK citizen alone, there are always a combination of factors which make or break the decision to offer residency. As one of my friends works in immigration for the home office I'm kept well informed about these things.

I asked which country the OP was from as he/she does not say. this also has an impact as if they are a member of the EEA there should be no problem getting a mortgage.

Just because the client is not a UK citizen does not mean they will not get a competitive mortgage and end up on a high rate with a joke of a tv company. Many mainstream lenders can offer mortgages to non UK citizens, but they are all individually assessed on things such as credit rating. length of time in country, length of time left on permit, occupation (doctors etc are more likely to have permits renewed) earnings and the amount they wish to borrow against the deposit they have.

So its not all doom and gloom for non uk citizens, it does usually require a helping hand from someone qualified, but gaining a reasonable mortgage is not impossible.

namralaks2001

hi,
Thanks for the reply.
I am an indian national on an IT work permit.

I was due to get my residency in June but the govt extended the eligibilty criteria to five yrs instead of 4.
My credit score should be fine as never defaulted in any payment.
I have a saving of 10000 and buying a property worth 114000

Sincere regards

MortgageMamma

Hi Namralaks

Have you approached any lenders yet? So you have 4 years to reside yes? Whats your employment status are you employed, self employed. contracted? how long have you been doing the job with same employer/self employed?

namralaks2001

MortgageMamma wrote:

Hi Namralaks

Have you approached any lenders yet? So you have 4 years to reside yes? Whats your employment status are you employed, self employed. contracted? how long have you been doing the job with same employer/self employed?

None as yet.Am employed with a joint family income of 40K

Thanks

MortgageMamma

ok well on the face of it, you should be ok. Halifax might consider it or northern rock, got to point out to you though that althought I'm a professional this is NOT ADVICE, and cannot be taken as such as I've not assessed your circumstances in full. I just think these lenders will be a good starting point for you but obviously you should appoint a whole of market mortgage broker for official advice. Do not keep approaching lenders by yourself, as each time you are credit checked it will leave a footprint on your credit rating which could damage it.

Have you read martin's articles on how to find a good broker/on mortgages?

Madjock

it's worth looking on lender websites for anything you can glean. Check the home office website as well.

dsmann

Hi Namralaks

I am an Indian national as well on HSMP visa. I dont think you should have any problems in getting a Mortgage as i got the same 2 yrs bck from Alliance & Leicester. Only thing which lenders demand is you have atleast 3 yrs of stay remaining on your visa.
In fact in my case i had only one yr remaining but the vendor gave me the mortgage on the ongoing promotional rate on the basis of my HSMP approval letter. If you want you can PM me i would give you the details of my IFA (Mortgage Advisor) who should be able to help you.