Can I get a Mortgage if I have an Ancestry Visa?

 In Ask the Expert

Can I get a Mortgage if I have an Ancestry Visa? Mortgage Guardian

Can I get a Mortgage if I have an Ancestry Visa?

Q: Ancestry Visa – I have been living in the UK for nearly 5 years and want to know if it is possible for me and my partner to get a joint mortgage with me having an Ancestry Visa? I am originally from New Zealand and have a good job in IT. My Can I get a Mortgage if I have an Ancestry Visa? Mortgage Guardianpartner is a British Citizen also with a good job in Accounting. We approached our bank but they said that I must wait until I become a permanent resident before they would consider us for a mortgage. I am currently applying for permanent residency in the UK but it is not a quick process. We just think that now is the right time to get on the property ladder and if we wait much longer we will be priced out of the market. We have saved enough money for a 10% deposit as well as the fees needed to buy a small flat in London.

A: Although not plentiful, there are a handful of mortgage lenders who will lend to people who are living and working in Great Britain with immigration entry clearance from an Ancestry Visa. This is an area of mortgage finance that we specialise in and we have helped many people from Commonwealth countries get a mortgage before permanent residency status has been granted.

Most mortgage lenders require a 25% deposit but there are some lenders who will accept you with an Ancestry Visa if you put down as little as a 5% to 15% deposit.

The fact that your partner is a British Citizen does not help you get around the problem so much because most lenders do not lend when at least one applicant has an Ancestry Visa. If the lender does not need to rely on your income, then it is possible to get a joint mortgage with only your partners income taken into consideration. It still means that you can be on the mortgage.

The mortgage lender will treat you in the same way as any other applicant when it comes to meeting lending criteria and offering interest rates.

We cannot tell you for sure that we can get you a mortgage as we need to know more about your financial circumstances but it is definitely worth discussing what you want to achieve with our mortgage specialist. If it helps we have assisted many people from all kinds of backgrounds get a mortgage when they are in the UK on an Ancestry Visa.

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You may find the following links useful…

Ancestry Visa Mortgages

Case Study – Mrs Wilson from Australia

You Tube Video: Ancestry Visa Mortgages

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