First Time Buyer from abroad....

pred02

Hi,
I've been in the UK living and working for about 2.5 years. I am interested in settling here and buying a property. Currently I am on a Tier 1 visa which I plan on extending in Jan 13 - which should not be an issue as long as I am employed here.

1. Mortgage - as a first time buyer with approximate salary for £50k/year; how much ballpark mortgage (amount) can I potentially qualify for and at what interest rates? Assume that I have no other outstanding loans, debts, etc and I have had good credit record.

2. Down payment - I have some money saved abroad that I would like to use for a down pay and my family (abroad) is also willing to support me. We plan on putting down as much as possible upfront (30-40% of the value of mortgage)

3. Foreign buyer - any restrictions or constraints as a first time buyer from abroad?! Does my foreign status in the UK limit me in any way when buying a property?

Are there any issues with doing this? Can a family from abroad be consigners if this mean I would get better credit, interest rate on a property?

What else do I need to prepare for?

Any help is appreciated.

Kind regards,

reset1

There is definately an issue with your Tier 1 visa certain lenders are not willing to lend to you. Also some Banks need at least 12 months on your Visa for them to give you a mortgage. Halifax is flexible in this regard so best to have a word with them or a whole of the market mortgage broker. Will also have to prove that the money from abroad is from a legitimate source. Not sure about family from aboroad been cosigners since they would to pass ID verification checks in the UK.