Tier 2 visa wanting to get a mortgage

Eric8888

Hi,

Me and my partner are nurses and we are thinking of getting a mortgage. We both hold a tier 2 visa, my visa just got renewed (I work under nhs now) and hers is in the process of transferring to nhs as well which means she will also have 3 yrs visa validity. My annual salary would be £27+++ and hers is £24+++. I've been in the UK for 2yrs and she stayed for a year. We are thinking of getting a property which we think is a better option than renting. We have seen a property that we liked that cost about £330000. We only got 5% deposit now and money to cover the other fees. I'm wondering if any bank would lend us the 95% of the cost. I am new to this so any suggestions or recommendations would be really appreciated.

horseymchorseface

generally lenders only lend x4.5 of your income assuming no debts. The price range your looking at is about 229k ish.


You need to lower your budget I am afraid, unless you can get more from the bank of mum and dad


Have a look at the MSE guide on mortgages:


http://www.moneysavingexpert.com/mortgages/?_ga=1.159579963.707168524.1491336094

Eric8888

Thank you for your reply. I thought it was 6x the annual salary? I have an appointment with the mortgage adviser. I hope she could give me other options.

tykesi

Eric8888 wrote: »

Thank you for your reply. I thought it was 6x the annual salary? I have an appointment with the mortgage adviser. I hope she could give me other options.

6 times? Not a chance. Speak to your mortgage adviser and she'll tell you what you can look to borrow on top of your deposit. If you're hoping for anything over 4.5 please prepare to be disappointed.

Eric8888

Thanks for the heads up. Properties here in Redhill Surrey are quite expensive. Cheapest would start at £300k

rtho782

You could consider other areas and/or the private sector. In our area we bought a large 4 bed semi for £230k last year, and my partner is a nurse on £36k 1 year post qualification for a private (non-nhs) employer.

We're so desperate for nurses in this country that getting sponsored for a visa isn't hard. My partners employer regularly have recruitment staff fly abroad to try to recruit people.

Eric8888

Hi,

We've just joined nhs coming from an agency who were our initial employer. They hired us from our country. We were looking to get a 3 bedroom house for £330000. I wish they have a different options for nurses wanting to get properties here in the uk.

ACG

This is never going to happen, im not looking to dash your dreams but I am a big believer in being straight.

Even without the Visa issue this would never fit.

As a general rule I tend to say 4x to 4.5x income depending on the any issues or debt. The Visa will be an issue but probably not a deal breaker. Howeever you are not going to get beyond 4.5x income I do not think.