This post is designed to clarify the criteria and expectations of mortgage lenders, helping non-UK nationals navigate the application process when purchasing a home in the UK.
Applicants on a Visa
Several lenders are open to considering mortgage applications from individuals on a visa, provided they meet certain criteria:
– The applicant has resided in the UK for at least one year.
– The applicant has a minimum deposit of 10%.
– Ideally, the applicant has at least two years remaining on their visa.
However, an applicant’s duration of stay in the UK may not matter if they meet any of the following conditions:
– They can provide a minimum deposit of 25%.
– They have lived in the UK for a minimum of five years.
– They have an annual income of £75,000 or more.
– They are applying jointly with a British citizen.
EEA Citizens
European nationals without indefinite leave to remain in the UK can still apply for a mortgage if they possess pre-settled or settled status. To verify their immigration status, applicants can generate a share code from the UK government website.
In most cases, standard mortgage lender rules and criteria apply to these applicants.
General Considerations
Regardless of nationality or status, mortgage lenders assess several factors when deciding to lend. These include affordability, existing debts and commitments, number of dependents, applicant’s age, loan term, credit history, and address history.
If you’re considering a mortgage application, seeking professional advice is highly recommended. A qualified mortgage adviser can help you understand your options and develop a strategy for moving forward.
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