First time buyer: Foreign National

modified123

Hi All,

I am a first time foreign national buyer. Currently I am on Tier 1 general visa and got 1 year 11 months of visa left. I am planning to apply for mortgage with a 10% deposit for property worth 277,000. I am applying mortgage with my wife.

I already talked to two mortgage provider and according to one due to my visa and 10% deposit only Natwest can offer me mortgage with rate 5.29% which is huge. He said Abbey cant give me mortgage as they require min 2 years of visa. If I increase my deposit to 15% then I have other vendors who can accept my application. I cant provide 15% deposit.

Another mortgage adviser told me that he can get me mortgage from abbey on 1 year 11 months visa due to the amount of business they do with this bank and also I am living in UK from last 6+ years so it shouldn't be any problem.

Is it possible to get mortgage for foreign national on 1 year 11 months Tier 1 General Visa with 10% deposit. OR the second mortgage adviser bluffing me.

Thanks

ACG

When reading this, Natwest sprung to mind.

As brokers there are some lenders if we send them enough business who will be a little flexible with their lending criteria. I would be surprised if Abbey were one of those - but i wouldnt rule it out.

Is he/she charging a fee? If so, are they confident enough to only charge it when you get a mortgage offer?

modified123

ACG wrote: »

When reading this, Natwest sprung to mind.

As brokers there are some lenders if we send them enough business who will be a little flexible with their lending criteria. I would be surprised if Abbey were one of those - but i wouldnt rule it out.

Is he/she charging a fee? If so, are they confident enough to only charge it when you get a mortgage offer?

Thanks a lot for taking time to read my thread. No they are not charging any fee to me.

ACG

So other than a credit search, you dont have too much to lose really?

If the abbey mortgage doesnt go ahead, would you still go with natwest? If not you dont really have anything to lose, if you would then you might make it slightly more difficult to pass the natwest credit search.

modified123

ACG wrote: »

So other than a credit search, you dont have too much to lose really?

If the abbey mortgage doesnt go ahead, would you still go with natwest? If not you dont really have anything to lose, if you would then you might make it slightly more difficult to pass the natwest credit search.

I dont want to go with Natwest, so you are correct. I will only loose a credit search. Also if I apply for mortgage after 6-7 month if 15% deposit which will help me to look for other vendors due you think my previous credit search will make any problem?

ACG

Not really, after 6 months your credit report would have got over the credit search your looking to do for this mortgage.

modified123

ACG wrote: »

Not really, after 6 months your credit report would have got over the credit search your looking to do for this mortgage.

Thanks, What about Halifax as I believe their only concern is good credit score and 3 years of continuous employment.

kingstreet

I thought NatWest was 70% max, without ILR?

Halifax insists on two and a half years remaining on Tier1 visa, unless you have lived and worked in the UK for over three years. So that's a possibility.