Mortgage for non UK resident

Trouty52

I've been helping someone at work try to buy a brand new house who is non UK resident, but has been in the country for around 9 years now, working with me for around 5 of those

They want to buy a new build and we went through the builders mortgage adviser who said either the Halifax or Nationwide would be an option. We asked him 3 times if the non residence could be an issue and he said not. Today he phoned to tell us that neither mortgage was available to non UK residents. Can anyone advise please if this person could get a new build mortgage anywhere at a decent rate?

Thrugelmir

Non resident suggests that they don't work many days in this country. Therefore do not have a stable income.

Crashandburn

Trouty52 wrote: »

Can anyone advise please if this person could get a new build mortgage anywhere at a decent rate?

Yes they can but its all down to the amount of deposit available. Do you know the figures

Thrugelmir wrote: »

Non resident suggests that they don't work many days in this country. Therefore do not have a stable income.

I think he's meaning hasn't got permanent rights to remain.

Trouty52

She had a 5% deposit available at the moment, but was hoping to be able to qualify for a Help to Buy mortgage (5% deposit/20% Government equity loan/75% mortgage) . She is in a good job, on good earnings and has an excellent credit history. By non UK resident I mean she remains in Britain on a work permit basis.

Annisele

I think there might be confusion.

"Resident" and "ordinarily resident" have quite specific meanings. If she's telling mortgage advisers she isn't "resident" in the UK when she means she doesn't have permanent leave to remain, she'll get some weird answers.

Thrugelmir

Non resident has a very specific meaning.

Trouty52

Ok to make it clear - she has lived in Britain for 9 years, firstly on a student visa and now on a work permit, working for a UK company. Stable income, stable job

bigadaj

The deposit looks too low to me, would be somewhat perverse to look to government incentives to help a non citizen purchase but it may be allowed. Would think 10% and ideally more would be a minimum requirement.

Is there any reason why she hasn't applied for British citizenship?

sushimushi

My partner is on a work permit, and bought a flat under the first time buyer scheme with 5% deposit. However, he was told that the only mortgage provider available to him was halifax. Hope this helps.

marathonic

With a 5% deposit, the banks have enough clear-cut cases that, for the majority of them, they are unlikely to even entertain an application. As others state above, 10% may open more doors.