Tier 2 General Visa - Mortgage Inquiry

ArunM

Hello All

I have a query. I am Tier 2 General Visa holder. I am in UK for more than 2 and half years. I have another 2 years remaining on my visa.

Q1 : am I eligible for 90% LTV Mortgage (I don't really care about the rate, frustrated with the renting)? If yes, which banks/building societies are my options?

Q2 : Can I use/show my savings (ISA) to arrange for the initial deposit?

Experts - please let me know if you need more information.

Thanks in advance.

charliewocka

I recently put a mortgage application in and have been limited to which lenders I can apply to due to residency issues (most seem to be two years minimum, or three). I am a UK passport holder since birth but spent four years living overseas, returning in September 2013. Was always asked if I had indefinite leave to remain in the UK when I was querying lenders about my situation. Application has gone in to Woolwich where underwriters were happy to accept the 22 months once I proved my residence overseas. Also I have been with the same employer throughout so that apparently went in my favour.


Will you be looking to renew your visa? Although I am not an expert at all I would guess that mortgage companies would want to see that you can work in the UK for the foreseeable future to ensure that they will be getting their payments from you?

amnblog

Do you really have two years remaining on your visa, or is it 23 or 22 months?


More deposit makes it easier - 10% deposit I cannot see it, especially on tier two with under 3 years here.

daisyfrau

Halifax accept tier 2 visa holders with at least 6 months remaining on visa and 10% deposit. That was my position and I got a full mortgage offer in October. We used a mortgage broker and it was the easiest thing ever, and we didn't have to interview with the bank or anything.

Unfortunately that chain fell apart in March, 2 days before exchange. Grrr - over 2k down the drain.

As I had 4 months remaining on my visa at that point I had to wait until I could renew my tier 2 visa, which I did in person in June. I got a new DIP (more savings so increased deposit to 15%), have a mortgage offer pending income verification, valuation etc all find, Halifax mortgage advisor said full offer could come through this week. We applied directly this time, but it's taken much longer, had 3h interview (straightforward but loooooong), more stressful and nerve-wracking. I recommend a broker for sure!!


Fingers crossed it all works out this time - we are ftbs and there is no chain.

Santander accepts tier 2 with minimum 2 years remaining and 10% deposit,

amnblog

You have been in the UK longer than our OP have you not Daisy?

daisyfrau

Yes - but only working since 2010. Was a student before that. I don't have ILR. My current job has been since Aug 2013.

amnblog

That time working in the UK is the key difference between your case and the OP's Daisy.

ArunM

amnblog wrote: »

Do you really have two years remaining on your visa, or is it 23 or 22 months?


More deposit makes it easier - 10% deposit I cannot see it, especially on tier two with under 3 years here.

Thanks for your thoughts. My current visa expires on Sep 2017 and I will be renewing then. Will be due for ILR on Jan 2018, if all goes right.

ArunM

charliewocka wrote: »

I recently put a mortgage application in and have been limited to which lenders I can apply to due to residency issues (most seem to be two years minimum, or three). I am a UK passport holder since birth but spent four years living overseas, returning in September 2013. Was always asked if I had indefinite leave to remain in the UK when I was querying lenders about my situation. Application has gone in to Woolwich where underwriters were happy to accept the 22 months once I proved my residence overseas. Also I have been with the same employer throughout so that apparently went in my favour.


Will you be looking to renew your visa? Although I am not an expert at all I would guess that mortgage companies would want to see that you can work in the UK for the foreseeable future to ensure that they will be getting their payments from you?

Thanks for your thoughts. My current visa expires on Sep 2017 and I will be renewing then. Will be due for ILR on Jan 2018, if all goes right.

ArunM

Just to add another Qs to the original post.

I recently had a chat with Halifax. I have a flat (deed in my name, but I am not paying the equated monthly installments) in India. Halifax mentioned that since I have a property (with Loan) in my name in India, I am not eligible for being a first-time buyer in the UK.

Just wondering what are my options then!

Thanks in advance.

FISH

We are busy applying for a Help To Buy Mortgage at the moment with 5% deposit. I am British by descent and hubby is here on a spousal visa. We have been in the country for 18 months. We were told that the only banks that would lend to us without hubby on ILR would be Santander (Mortgage denied), Nat West (Valuation in progress) and Halifax (We needed more than what they were willing to lend on a HTB property). Will keep you posted on whether we end up getting the mortgage!

PS: We have our deposit saved in an ISA