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About your mortgage
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Based on your yearly income,
you may be able to borrow
Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.
Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.
Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.
Tier 2 Visas Mortgages
Mortgages for foreign nationals
Foreign nationals and Tier 2 visa holders are often skilled workers who have moved to the UK to undertake valuable work. Many such UK residents are not aware that they can purchase a property, and that special mortgages are available for temporary purchases, or permanent purchases either as a residence or an investment.
Mortgages for Tier 2 visa holders
All mortgage lenders will need to complete their usual eligibility assessments, but also will consider how long you have been in the UK, and the length of time remaining on your Tier 2 visa. Usually, you will need to have lived in the UK for at least 2-3 years depending on the lender. This is to make sure you have enough employment and income history for them to be able to establish affordability. Some lenders will also require you to hold a UK bank account, and others will need you to have savings available. Most lenders require a minimum period left on your Tier 2 visa, which is often between 6 months and 1 year. If your visa is due to expire soon they will also consider the likelihood of this being renewed, which usually depends on your employment role.
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Tier 2 visas for poor credit borrowers
As a Tier 2 visa holder, having a poor credit rating can feel like a barrier to obtaining mortgage lending. However, applications depend on your current circumstances and credit history and may not mean you cannot find the right mortgage. Lenders look at whether you have any CCJ, have defaulted on any payments, or are making repayments through an Individual Voluntary Agreement (IVA). Having a poor credit rating can make it more difficult to find mortgage finance, but by no means excludes you from accessing affordable lending. Give the mortgage team at business loan broker a call; we will be able to advise on the right lenders for your application and help you assess the best solution depending on your circumstances.
Mortgage lenders for Tier 2 visa holders
The type of information they will consider includes:
- Your circumstances including employment history, credit history and visa terms
- The affordability of the repayments for the finance you are seeking including proof of regular income
- Credit rating scores from credit reference agencies including financial products such as overdrafts, loans and credit cards
Buy to let mortgages for Tier 2 visa holders
Purchasing a buy to let property as a Tier 2 visa holder is similar to purchasing any investment property. There are mortgages available for such an investment, but they will need to comply with fairly strict criteria including the value of deposit you have available. Finding a reputable mortgage lender for a buy to let investment property can be tricky, so give the team at Revolution Finance Brokers a call today, and we will help move your investment project forward.
Mortgages for foreign nationals
Obtaining secure mortgage lending as a foreign national is similar as for residents with a Tier 2 visa. Lenders will usually require applicants to have lived in the UK for at least 2 years, have steady employment and hold a UK bank account.
Most lenders require foreign nationals to have the right to reside permanently in the UK, or hold a work permit guaranteeing their eligibility to remain.
Tier 1 visa holders also have the option of applying for mortgage funding, and typically have a higher personal wealth and thus access to a wider range of lending options. Tier 1 visas are available for applicants such as:
- Tier 1 Entrepreneur visa holders, looking to establish or run a UK business with a minimum investment of £50,000
- Tier 1 Exceptional Talent visa holders, who are acknowledged by the Home Office as a leader in their respective professional field
- Tier 1 Graduate Entrepreneur visa holders, for graduates developing a credible business proposition which is supported by the Department for International Trade, or by a recognised UK education body
- Tier 1 Investor visa holders – for investors contributing over £2m in investments funds to the UK economy
Tier 5 visa holders include UK residents working within the fields of charity, religion and exchange workers in government-approved projects. Such visa holders are considered temporary, and therefore are unlikely to be successful in securing mortgage lending.
Mortgage advice for visa holders and foreign nationals
Revolution Finance Brokers have worked with UK residents with all types of visas and residency statuses. With our enviable network of trusted lenders and negotiating capacity, we work to find the right mortgage options with the most competitive terms for every client. If you are unsure what sort of mortgage you can apply for, need help understanding which options are the most competitive, or need support in identifying the right lenders to apply to, give us a call today!
Yes, you can. Having a low credit rating does not mean you cannot obtain a mortgage. Exactly what lending you can secure will depend on many factors including the circumstances of your credit history, and what level of deposit you have available. Using an expert broker such as Revolution Finance Brokers is highly recommended, as our team can match you with lenders who we know will consider your application!
Choosing a lender for your mortgage is a difficult choice. Our mortgage team will assess your circumstances, and learn about what sort of property you wish to buy. This helps us identify which mortgage product will be suited to you, and which lenders will be the best fit for your requirements.
Yes, being a foreign national does not mean you cannot apply for a mortgage! The lending criteria are similar to those for Tier 2 visa holders. For example, most lenders will ask that you have been living in the UK for at least 2 years, hold a permanent post of employment and have your own UK-based bank account.
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Securing an excellent mortgage offer with Revolution Finance
Brokers couldn't be easier:
As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.
The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.
We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.