100% mortgages for non EU nationals ???

where2start

Tried to apply for mortgage with northern rock and was told that they only give non EU nationals 85% of the purchase price.Need a 100% mortgage as we first time buyers and been in the country for past 5 years and currently on the Indefinite Leave to Remain Visa we apply for british citizenship next year july !! Does anyone know of any lenders that do 100% mortgages for non EU nationals ????? in meantime i have asked L & C to help but a bit weary on them ...

Jonbvn

Sorry, but most lenders will only consider 100% mortgages when nearly everything fully satisfies their criteria. In my experience, most lenders are not keen to lend to non-EU nationals, and will usually only lend up to 75% LTV. I think the 85% offer would have been pushing the envelope.

You have to understand the lenders side of the transaction. Say you take-out a 100% mortgage, and subsequently house prices crash 20% (not implausible by any means). You decide that you do not want to be caught in negative equity, and decide to do a runner to your country of origin. The lender cannot chase you for outstanding money, and will be left with a house of lower value then the money lent.

Good luck if you can find a mortgage, but I am not hopeful.

meggles

sorry, but i don't have great news.

i orginally got a mortgage while on the 3rd year of a 5 year Work permit. i was told that i could only get a mortgage if i put down 25% deposit. and then, only certain options were open to me.

with that said, ILR is permanant residencey status. not as "risky" as FLR. can you scrape together 5% deposit? have you tried using a mortgage broker? i couldn't navigate the mortgage minefield myself. most mortgage lenders don't know what to do with you if you arn't on the electoral register.

MortgageMamma

whats your occupations? Might sound a bit daft but it does have a big bearing on situ. and which country are you from?

dwight-van-man

MortgageMamma wrote: »

whats your occupations? Might sound a bit daft but it does have a big bearing on situ. and which country are you from?

Agree - more background would help. NR won't do 100% for non-eu unless you have full citizenship. However, they have done 95% for several of my cases where there wasn't even Permenant right to reside. In general this was because the client profile was exceptional, for example, high earner, good employment profile with well known employer, transferable work skills and in-demand work skills... Deal with a proper broker or post more details here and some of the posters that know more lenders than me will help...

where2start

firstly thanks for replies, my hubby is a qualified vehicle technician with BT and i am currently at home with our toddler and we from South Africa as i said we have Indefinite Leave to Remain and next year we apply for nationality.I have spoken to Alliance & Leicester and they say that they give mortgages to people on Indefintie Leave to remain !!! so working on their deals now but will appreciate if you know of any other lenders willing to give 100%.