Lenders that give Mortgages for Tier 1 visa holders

RickyJ

This question could have been posted before, but I thought I get the latest view on the information.

I am a Tier 1 general visa holder that has been renewed/extended recently at which point I will have 2 years until ILR. I have been in the UK for 8 years now, 2 year at same address, 3 years with the same employer, currently employed full time. No outstanding debt and I am currently with Natwest mortgage. Applying single (w/o partner). Currently on LTV 72/73% and Looking for a better remortgage deal on a 75% LVT or even 70% (if I make overpayments) .

I know following lenders don't provide mortgage to Tier 1 holders: Tesco, ING Direct, HSBC, Principality, Leeds BS... So far I've seen Post office, YBS and Nationwide was mentioned as Tier-1 friendly for mortgage deals. Does anyone know any Tier 1 friendly bank/lenders?

RickyJ

A follow on question:

If I wasn’t limited for choice of lenders that I could apply for re-mortgage. Then I would have gone for the ING Direct or Tesco deals, as they seem to have the best deals currently on LTV- 70/75%
Nonetheless the currently deals that I can apply for and that I’m considering are:
1. Post office: LTV 75% - 2.99% fixed for 5 years, but the product fee 1495 (doesn’t included free valuation and legal fee). 10% of outstanding mortgage. 5% early repayment charge.
2. Yorkshire building society: LTV 75% - 2.99% fixed for 2 years, but the product fee 495 (includes free valuation and legal fee). 10% of outstanding mortgage. 3% early repayment charge.
3. Nationwide: LTV 70% - 2.69% fixed for 2 years, but the product fee 999 (includes free valuation and legal fee). Overpayment of £500 per calendar month only. 3% early repayment charge.
4. Nationwide: LTV 70% - 2.89% fixed for 3 years, but the product fee 999 (includes free valuation and legal fee). Overpayment of £500 per calendar month only. 4% early repayment charge.

I would like your views/ advice on the re-mortgage deals above and whether I should go for 2/3/5 year fixed?

CKhalvashi

I've placed several non-money bets on here, that the rate will rise around April 2013, so you'll be best going for a longer fix, as it's less of a risk (This is my opinion only, and not based on anything official).

A longer fix will also give you the security of knowing what you're paying each month for a longer period of time, whereas if rates were to rise dramatically over the next 2/3 years, you may well be struggling to keep up with payments.

A longer fix will also mean (I've been through this with OH about 7 years ago) that you'll hopefully have either ILR or British Citizenship next time round, making remortgaging easier.

CK

ETA: We were mortgaged with HSBC, so if I were you, I'd check on the visa conditions, as we didn't have a problem.

RickyJ

Thanks CKalavashi,
I’ve checked with HSBC several times. Their customer service agents over the phone have suggested that I require ILR to apply for any of their mortgage deals.  So unfortunately I can’t apply to HSBC on a T1 General Residence visa.

koexelek

Santander ( Abbey) are pretty good at this sort of thing... as long as you get a decent credit score

CKhalvashi

RickyJ wrote: »

Thanks CKalavashi,
I’ve checked with HSBC several times. Their customer service agents over the phone have suggested that I require ILR to apply for any of their mortgage deals.  So unfortunately I can’t apply to HSBC on a T1 General Residence visa.

It would seem they've tightened up their belts, which is a shame as they always seemed t be cheapest.

CK

koexelek

CKhalvashi wrote: »

It would seem they've tightened up their belts, which is a shame as they always seemed t be cheapest.

CK

They very much like to cherry pick though.... don't want anything out of the ordinary

RickyJ

Thanks for the suggestion koexelek. I checked with Santander, I fit within their criteria and my T1 general is fine.

Now the question remains whether I should go for Santander's/YBS 2 year or Post office's 5 year fixed?

I like the 5 years as I would be secure if interest rates go up. However my only concern with a 5 year mortgage deal is what if I decide during that 5 year period I want to rent my property. Will Post office accept the consent to let? And I hope they don’t charge me hefty fee for it.

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1. Post office: LTV 75% - 2.99% fixed for 5 years, but the product fee 1495 (doesn’t included free valuation and legal fee). 10% of outstanding mortgage. 5% early repayment charge
2. Santander: LTV 70% - 2.69% fixed for 2 years, but the product fee 995 (includes free valuation and legal fee). 10% of outstanding mortgage. 5% early repayment charge
****************************************

ec1akc

Hi All,

My first post on this website.

I have been researching about companies which may provide mortgage to tier 1 visa holder.
My current situation:
Tier 1 visa holder (5 Months left on visa before i apply for ILR)
Living in the UK for 8.5 years including my student years.

HSBC: provided AIP but mentioned cannot provide a mortgage before ILR.

Nationwide: provided AIP but asked for 25% deposit

Halifax: Provided AIP without any restriction.

LLOYD: Needed 6 Months visa
Sanatander: needed atleast 2 Years visa
Natwest: Unable to provide.

My offer for a house has been accepted today and i am worried considering my current visa situation that whatif HALIFAX and Nationwide see my current status as a weak point. I have made it clear about my visa situation to both HALIFAX and Nationwide. I was wondering if you could help me with your expert advice on other Mortgage provdier who are generous to provide mortgage to people like me. I need for a backup/contingency options.

I am up for 25% deposit and hope I have a good credit score. I am looking for a property in the range of 150 K.

Any expert suggestion will be appreciated.

Thank you.

amnblog

Don't hang about if you don't want to have to deal with a new process with these lenders.