Tier 1 Visa Residential Mortgage
Getting Tier 1 Visa Residential Mortgage, on a property in the UK can be challenging at the best of times. It is not impossible to get a mortgage if you hold a Tier 1 Visa. The best way is to work with a Mortgage Broker who is familiar with the twists and turns associated with Visa Mortgages. Working with a Mortgage Broker who has experience in this field can be the difference between getting a mortgage or not. It is all about ensuring that we can get the mortgage for you. We do this by ensuring that each client fits lending criteria. Once we know which lenders will potentially lend it is all about getting the most competitive mortgage. This ensures we get the best terms for our clients.
Standard & Specialist Criteria
As well as meeting standard lending criteria with the Mortgage Lender, there are few other things to be mindful of when finding a suitable mortgage lender.
To get a Mortgage you need to meet the following criteria:
- Have regular and provable income from an accepted source
- Be able to provide a deposit
- Be creditworthy
- Have a suitable property in mind.
Income from a Tier 1 Visa holder must be high enough after credit commitments taken into account to service the monthly mortgage payments.
it is better if you speak to us first before looking for a property. This is how the property industry is geared up.
There are a handful of Mortgage Lenders that will consider applications from Tier 1 Visa holders. These Mortgage lenders could not be more different from one another if they tried.
Some lenders require you to have a reasonably long residency in the UK. Others prefer a longer period left on the visa. A minority of lenders insist on a minimum income. Minimum Loan to Values (LTV’s) varies considerably between lenders. The list of available lenders is potentially longer the more deposit you have. Realistically most Tier 1 buyers and home movers are looking to put down 5% or 10% deposit. This is where our skill comes into play. Our aim is to provide you with a mortgage first time as well as getting you the best mortgage deal. This means ensuring that lending criteria are met.
There are of course the lenders who claim to offer mortgages for Tier 1 Visa Holders but actually meeting the criteria is potentially very difficult:
- One particular bank claims to offer Mortgages to Tier 1 Visa Holders but then claim later in their criteria that each applicant must have ILR – Indefinite Leave to Remain in the UK. It is nothing more than a contradiction.
- Another Lender says that they will offer a mortgage to Tier 1 visa holders but income will not be taken into account. Again, the chances of coming across a client who will fit criteria are slim.
The mortgage lenders we look at for Tier 1 mortgages are not always the same lenders who lend to other visa types such as Ancestry, Spousal and Tier 2 Visa’s.
It is our aim to get our clients the best possible mortgage rates. We look at the rate, the term and of course any charges that affect the total cost of borrowing.
Tier 1 Visa Types
- Entrepreneur Visa
- Exceptional Talent
- Graduate Entrepreneur
- Investor Visa
- Tech Nation Visa
Our job is to guide you through the mortgage process eliminating the lenders who are least likely to lend. From the lenders that remain, we have to look at criteria and the mortgage deal on offer. We can then advise the best and most suitable route to success for you.
This is not a “one size fits all” strategy by any means as all applicants that speak to us have varied circumstances. Our advice must be tailored to our clients’ circumstances.
Improving Your Chances of Getting a Mortgage!
The first instance is to call us so that we can find out more about your circumstances. You have to make the first step and we know the landscape of visa mortgages very well. Consider us as your guide!
Finding out how long you have been in the UK, what credit commitments you have at the moment and details of your visa are all part of the many specific questions we need to ask to get an insight into your situation.
Once we have a picture of your current circumstances we can look at the strengths of a potential application. We can advise whether to take your case forward or whether to wait until we have strengthened certain areas of your application.
In most cases, we are happy to take things forward as we have a range of Visa friendly lenders who can accommodate varying circumstances.
If you are living and working in the UK on a Tier 1 Visa speak to us today!
We also have a dedicated page covering Tier 2 Mortgages
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