Spouse visa 10% deposit

Abigail1990

Hi

I was just wondering whether there had been any success stories of people being accepted for a joint mortgage, 10% deposit with one person on a spouse visa?

Wondered whether there was any point in trying or whether it's a no go.

Thank you

muhandis

I know of non-EU colleagues who have got 85/90% LTV mortgages with one person on a Tier 2 work permit and their spouse on a dependent visa. If anything, your situation should be considered more favourably than that.

Your options will vary depending on how long the visa holder has been resident in the UK and the visa expiry date mentioned on the BRP(?) but being on a visa is no barrier in itself.

Make sure you get in touch with a broker though, this is definitely a job for a broker.

Abigail1990 wrote: »

Hi

I was just wondering whether there had been any success stories of people being accepted for a joint mortgage, 10% deposit with one person on a spouse visa?

Wondered whether there was any point in trying or whether it's a no go.

Thank you

ironmanjason

I knew at least a couple of people who got their mortgage when they and spouse were both on Tier 2 Visas. But their options were very limited I think it was just Halifax and one another bank which were willing to lend and also at very high rates. Worth speaking to a mortgage advisor.

muhandis

I might be wrong but I think the other is TSB.

Your options would definitely open up a lot after ILR but of course that could mean an up to 5 year wait if the spouse visa was issued post 2012.

ironmanjason wrote: »

I knew at least a couple of people who got their mortgage when they and spouse were both on Tier 2 Visas. But their options were very limited I think it was just Halifax and one another bank which were willing to lend and also at very high rates. Worth speaking to a mortgage advisor.

MortgageMamma

There are plenty of other lenders who will consider it also, many of which the general public have no awareness of.

The OP could attempt themselves but I wouldn't recommend it. The minutiae of lenders criteria could trip the case up.

Abigail1990

Thank you for all your replies, it is certainly relieving to know that we have options. Where is the best place to find a good broker who would specialise in these kinds of cases? Thank you all again

MortgageMamma

I don't believe a speciality is needed, Some brokers are more thorough and experienced than others.

You can find local mortgage advisers on a website called vouchedfor which I believe has customer reviews. I've never used it myself. You could also ask family, friends or colleagues if they know anyone - but yours isn't a run of the mill situation so you may be best to ask the broker concerned if they have experience with this.

The main information you will need to provide is a copy of the visa itself, its expiry date and your personal financial details.

muhandis

I don't know if this is specific to London and surrounding areas, but pretty much all the brokers I came across when mortgage hunting on a visa (decided to wait for ILR in the end) were very well acquainted with arranging mortgages for clients on visas, no specialist expertise necessary.

Could try Trustpilot if you want to check out bigger firms or ask around for word of mouth recommendations for smaller firms or one-man/woman bands.

Abigail1990 wrote: »

Thank you for all your replies, it is certainly relieving to know that we have options. Where is the best place to find a good broker who would specialise in these kinds of cases? Thank you all again