Mortgage on a spouse visa- min deposit or min residency time?

Holmesy999

Does anyone have any advice for a mortgage with one applicant on a spouse visa, one British. We have been in UK for a year, and working for 10 months. We have 20℅ deposit, but in another thread it was mentioned that there are options if you have been here 3 years or have 25℅ deposit. We were just about to start with mortgage brokers and a direct application to HSBC today but after reading this advice i am now doing some more internet research......

We have a long-standing history with HSBC UK if that counts for anything these days

ACG

It only counts if you fit criteria. Have you asked if you fit criteria with them? If not, there is no point making an application.

There are a couple of lenders who will onsider it but as HSBC do not really deal with brokers, I have no idea whether they are one of them or not.

Holmesy999

HSBC have provided a mortgage certificate document which we got by filling in some information online, but I guess this gives an indication of how much you can borrow, not sure if it does a criteria check as well (although it did ask questions about employment and time in the uk)

ACG wrote: »

There are a couple of lenders who will onsider it

so I am inferring from that there are some lenders who are with being on a spouse visa with 20% deposit? might be worth a call to a mortgage broker then

ACG

I can think of 2-3 off the top of my head but there may be more.

amnblog

Your post suggests you are applying to HSBC but I suspect you already know you do not have enough deposit, nor sufficient time working here to meet their criteria.

Holmesy999

amnblog wrote: »

Your post suggests you are applying to HSBC but I suspect you already know you do not have enough deposit, nor sufficient time working here to meet their criteria.

to be honest I had no idea it would be an issue until your post - I assusmed 20% would over rule any time in the country
I was about today to try HSBC and a moneysaving expert :money: recommended mortgage broker, but now I'm not sure if it is worth bothering given advice on this forum...:(

HSBC have given a mortgage certificate specifying how much they would lend, but I am thinking it is nothing until you apply properly and then they specify what their criteria actually is.

ACG

20% does not overcome the issue.
Lenders have criteria, you either fit it or you do not. If you do, you then have to pass the credit check.

There are lenders with criteria that is a little more "fluid" but they are not high street lenders.

As I have said, I think you will have options. HBc may be one of them but they do not publish their criteria so it is impossible to say without speaking to them. If you do not fit then there could be other options.