95% mortgage on a visa?

mjane93

Since the 5% deposits were announced my husband and I finally thought we were in the position to buy as we have just over 10k saved up and after speaking to a mortgage broker he advised that we would be able to lend up to 177k. 

However after doing more research I am starting to think that actually this may be impossible due to me being on a spouse visa. I’ve lived in the uk since 2016 and switched to the spouse visa in 2018 when I married my British husband. I’ve been in full time employment since 2018 and credit dating back to 2016. 

It seems as though many lenders only alone up to 75%LTV. 

Anybody on this thread been in a similar situation and how did it pan out? Also any advice would be greatly appreciated. 

K_S

@mjane93 Did a broker actually tell you that you can't get above 75% LTV in your scenario? That doesn't seem right (unless there's something else relevant in the background)

I can't speak for 95% yet as all the lenders aren't out with products. But there are mainstream lenders who will consider lending in your scenario at 90% LTV and I don't see why that wouldn't be the case at 95% LTV as well (though we'll have to wait to say for sure).

mjane93

K_S said:

@mjane93 Did a broker actually tell you that you can't get above 75% LTV in your scenario? That doesn't seem right (unless there's something else relevant in the background)

I can't speak for 95% yet as all the lenders aren't out with products. But there are mainstream lenders who will consider lending in your scenario at 90% LTV and I don't see why that wouldn't be the case at 95% LTV as well (though we'll have to wait to say for sure).

My broker said he was going to do a bit of research as he wasn’t too familiar with clients on spouse visas. Other than me being on a visa, he said we’d be in a good position as We both have been in our full time employment for over two years (neither of us furloughed) credit good and no debt. 

Although our broker had been very helpful so far I’ve been a little worried as he told us he hasn’t had much experience with visas. 

K_S

@mjane93 Tbh it's not rocket science. As long as he does his research and runs it past the lender before recommending, you should be fine. Good luck!

mjane93

K_S said:

@mjane93 Tbh it's not rocket science. As long as he does his research and runs it past the lender before recommending, you should be fine. Good luck!

Thank you so much!