Non UK national (on Work Permit) trying to get mortgage

f1_carzy

Hello,
Not sure whether such a query has been dealt earlier:). So, here I go:)
I am living in the UK for the past 3 years and I already have mortgage with Nationwide(actually it is a re-mortgage; it was initially with First Trust Bank, NI). I am planning to move house(a bigger one - both in size and in mortgage-:( ), and I went with Nationwide, and it got approved and the survey done. Today, I got a call from them seeking clarification, whether I had "Indefinite Leave to Remain" in the UK; which, obviously I dont (as I have to live for 5 years to get that). But, I have a valid Work Permit which allows me the Leave to Remain until 2009.

My query is(are):
1) Would Nationwide refuse the mortgage?
2) Would I get back the reservation fee and the surveying costs?
3) I would very much like to go with Nationwide, as i am quite impressed with their banking practices-so is there any way to get this sorted?

Thanks in advance! Thanks for reading so far on:)

payless

Their current criteria states

Non-UK or European Economic Area (EEA) citizens require indefinite leave to remain in the UK.
This must be evidenced by a stamp in a currently valid passport or written confirmation from the Home Office.

Seem to remember oin the past placing Doctors from Asia with them without the indefinite stamp, but they do seem to have tightened up

homer_j_3

If the nationwide can't help, there are other lenders that can. What did you put on your application re your residency status?

If you have declared it and they have made an error in processing then I would hope that they stand any out of pocket costs to you in respect of set up fees.

If you havent disclosed then I guess they wont.

herbiesjp

In the UK 3 years and 2 years left on the visa - should be ok with other lenders as long as you fit the income multiples and other criteria

f1_carzy

Thank you all!

Well, as my existing mortgage is with NW, neither myself nor the mortgage advisors at my local branch had any suspicions about anything to go amiss. It seems the HQ people want this clarification.

I am going down the bank to have another chat. Will post later about how I get along.

Thanks again! Hope to get sorted somewhere; cant afford to disappoint the missus;)

herbiesjp

Just out of curiosity what passport do you hold?

f1_carzy

I hold an Indian passport, and am an engineer by profession:)

Another quick question:)
Assuming NW turn down my application, how much of a turnaround time would it take to get the mortgage from another provider(as I guess, all my mortgages need to be under one bank)?

herbiesjp

Lenders can be very quick to get mortgage agreed an submitted

Are you keeping the original property then?

So you will have two properties?

f1_carzy

No, I am selling the current property and moving on to another one. Oh...ok..I understand now, the new mortgage provider would pay up the existing mortgage and everything would become just one mortgage.

herbiesjp

Indeed - once you sell, you use those sale proceeds to clear the outstanding mortgage with Nationwide.

Any left over funds can then be used to put down as a deposit or to cover fees.

The new lender for the new property would then have a first charge on the property that you are buying.