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!