Help to Buy Mortgage Guarentee - Tier 2 Visa

Harry07_2

I am currently trying to buy my first property and have an AIP from couple of banks (with 10% deposit). I have found a property I am interested in but have only 5% deposit.

I am currently on my Tier 2 visa (valid for 22 months) and am eligible for ILR early next year.

I wanted to know if I can avail the Help to Buy Mortgage Guarantee scheme so that I can secure 95% LTV. I have a good credit history and have never had any late payments or defaults. I also do not have any other significant commitments nor do i own any property elsewhere.

The loan I am trying to secure is significantly lower than what has been quoted in the AIP. I am just curious if 95% LTV with 5% deposit under Help to Buy 2 is possible as I am still on my visa.

Any response is appreciated.

Thrugelmir

Here is the Nationwide's criteria. Which should give you a steer as to the position of mainstream lenders.

Non-EEA Foreign Nationals
For applications to be considered, indefinite leave must be evidenced by a stamp in a currently valid passport or written confirmation from the Home Office.

Where indefinite leave to remain in the UK is not granted, applications can be considered subject to meeting the following criteria:
Minimum 25% deposit which must be from the applicant's own resources. Gifts and builder's cash backs are not acceptable, unless they are in addition to the 25% deposit provided from the applicants own resources.
Applicants must have been legally resident in the UK for at least the last 3 years
Applicants must have either Tier 1 or Tier 2 immigration status, the government definitions of Tier 1 and Tier 2 are as follows:
Tier 1 for highly skilled workers
Tier 2 for skilled workers with a job offer
Applicants must have their salary paid into a UK bank account
Equity Share applications from non EEA Nationals without indefinite leave to remain are not acceptable.

csgohan4

Having an AIP from a few banks may impact on your credit score as well.


Getting an AIP doesn't mean you will get a mortgage. It would have been better to use the affordability calculators online without doing a credit check or asking a broker.

amnblog

Tier 2 with a 5% deposit does not leave a lot of options.

How long have you been living and working in the UK?

bamgbost

It will be difficult. But not impossible.
I think the best banks for u to try would be:
Halifax, Natwest, TSB in that order.
Or to go via a broker.