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Tier 2 Visas Mortgages

Mortgages for foreign nationals and Tier 2 visa holders are available from a range of specialist lenders and carry different terms and rates. It is crucial to consider which type of mortgage applies to your circumstances and to seek expert advice to secure the best mortgage offer that fits your requirements.

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Mortgages for Tier 2 Visa Holders

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.

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 CCJs, 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 Revolution Finance Brokers 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

Lenders consider several sources of information to assess your eligibility for mortgage lending. Choosing the best lender depends on your visa, employment terms and individual circumstances.

The type of information they will consider includes:

  1. Your circumstances including employment history, credit history and visa terms
  2. The affordability of the repayments for the finance you are seeking including proof of regular income
  3. 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:

  1. Tier 1 Entrepreneur visa holders, looking to establish or run a UK business with a minimum investment of £50,000
  2. Tier 1 Exceptional Talent visa holders, who are acknowledged by the Home Office as a leader in their respective professional field 
  3. 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
  4. 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!

FAQs

If I have a bad credit rating, can I get a Tier 2 visa mortgage?

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!

Which are the best mortgage lenders for Tier 2 visa holders?

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.

Can Tier 2 visa holders get a buy-to-let mortgage?

As a UK resident, you might be considering a property investment. Buy-to-let offers a regular income stream, and is a viable option for UK residents who do not intend to reside in their property for the entirety of the year. As a Tier 2 visa holder seeking a buy-to-let mortgage it is essential that you apply through lenders who have expertise in this market, and will accept applications from visa holders. The number of lenders we recommend will depend on the type of visa you hold, what sort of investment you wish to make, and how much deposit you have available.

Can I get a mortgage as a foreign national?

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.

Check out our handy calculators

Our quick mortgage calculators are designed to give you an indication of how much you can borrow and allow you to consider the different mortgage options available to you.

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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