Tier 2 Visa Mortgage
Getting a Tier 2 Visa Mortgage can be an uphill struggle if you are living and working in the UK and want to buy your own home! Actually getting a mortgage is not impossible by any means. It is always worth speaking to a Mortgage broker who specialises in this area.
Tier 2 Visa holders who require a mortgage have similar hurdles to face compared to other types of visa holders who require a mortgage, but not exclusively the same hurdles. For instance, some lenders will lend to Tier 1 Visa Holders but not Tier 2 Visa holders.
The main issue is that there are a very small handful of Lenders who are serious about lending on residential property to Tier 2 Visa holders. There are of lenders who claim to lend to applicants on a Tier 2 visa but when it comes down to the nitty-gritty they don’t. This is a minefield that can leave people thinking that getting a mortgage on a Tier 2 visa almost impossible. Our stance on the matter is that if you know where to go and how to best place clients with the right lender then getting a mortgage should not be that difficult.
Types of Tier 2 Visa’s
- Religious Visa
- Sports Person Visa
- Company Transfer
Please note that not all Tier 2 Visa’s will allow indefinite leave to remain applications at the end of validity.
If you meet the lenders general and visa specific lending criteria then you will be able to choose rates from the standard product range. This means that in most cases you will be treated the same as a British citizen in terms of rates and products on offer to you.
Loading a rate because of status is not impossible within the marketplace but a very rare event.
The amount you can borrow will always depend on a lenders affordability calculation. This calculation varies between lenders and some still even use income multiples to calculate borrowing limits. This is just one factor that we take into account as we build a financial picture of your circumstances. This tells us what will be possible in terms of getting a Mortgage.
The minimum deposit amount varies from lender to lender. Some lenders will allow as little as a 5% deposit whilst others having a starting point of 10% required deposit. There are quite a few lenders who insist on a minimum of 25% deposit if “indefinite leave to remain” has not yet been granted. This narrows the field down quite a lot of you only have a small deposit to put down.
Increase Your Chances of Getting a Mortgage
As long as you meet lending criteria it should not be too difficult to obtain a mortgage. Some lenders credit score so meeting lending criteria and being mindful of the way lenders score should pave the way to progressing an application in the right way. It is our job to assess the strength of an application as best as we can so that applicants are set up for success. What we cannot do is exactly predict the outcome of a lenders credit score system. All we can say is that we have a better idea than most.
If you are living and working in the UK on a Tier 2 Visa speak to us today!
We also have a separate website covering Tier 2 Mortgages.