Currently on Spouse Visa.Am I Eligible For A Mortgage?

skywalker007

Just need to found out.I am currently on a spouse Visa and i will like to know if this will be a problem for most lenders. I spoke with lloyds about 2 years ago and was told this won't be a problem but not sure if other lenders follow the same suite.

Tryingtomoveout

Hi

The rule of thumb is that if you have been living continuously in the UK for three years you are considered 'resident' I think you'd need to be considered resident for a decent mortgage rate. Being on a spouse visa usually prevents you from registering on the electoral role tho...which affects credit file. Therefore, write to the credit reference agencies to state why you aren't on the electoral role and they can put a notice on your report, or apply for ILR if applicable..

It may also be good to go with a broker who has experience placing non British citizens.

My husband and I are in this position..we will wait until he gets ilr as I think this improves our chances.

Good luck

skywalker007

I am currently on the electoral role and i have been here for over 4 years

Tryingtomoveout

In that case I can't see that your nationality will get in the way of a mortgage, I hope it works out for you.

SavingEnthu

If you are on a spouse visa, I suppose you have your spouse (the main applicant) who will also be on the mortgage..

If you are commonwealth citizen or from the EU - you can apply to be on the Electoral roll.
Apart from that, though being on the electoral roll helps with your credit rating - it is not the ONLY contributor.. So as long as you have active credit accounts (which are maintained appropriately) and have good credibility with handling credit, it should be fine to approach brokers/banks..


Banks have varying criteria to lending -- some want min. 24 months visa remaining (Santander), permanent job (with payslips) for min 6 months (Barclays) etc.. Some may not entertain any form of residency visa at all, minimum of ILR required.
This way, some banks immediately drop out of scope, narrowing your choices.

I've found Halifax to be quite good & with good rates (part of the Lloyds banking group, but still may have slightly different criteria to Lloyds).
[I am currently on a Tier-1 visa, and have a mortgage through Halifax]

To improve your chances, make sure you have enough of a deposit (typically 15% or more of your targeted house budget)


If you are ready to seriously house-hunt in the next few months, recommendations:

(1) Speak with Halifax and you might be able to get a mortgage-in-principle (MIP) -- which will help when you register with agents/do house viewings.. It shows you are serious and MIP improves you chances
(2) Speak with a Financial advisor who is whole of market -- they will be able to access all banks/lenders with your specific visa situation, and narrow down your options..