Tier Two Visa Mortgages
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Mark Notley talks all about Tier Two Visa Mortgages.
The above podcast includes information which was correct at recording, some information may have changed. See the below page for up to date information.
What is a Tier Two Visa?
A Tier Two Visa refers to the main immigration route for skilled workers from outside of the Eu and Switzerland to come to the UK to work for an approved and licensed employer. Permission is granted by the UK Home Office for migrant workers to accept the offer of a job in a skilled role.
There are many many different visas and we also have settled and presettled status and a family visa. A lot of lenders treat these on a case-by-case basis.
Why is it a challenge to obtain a mortgage with a Tier Two Visa?
It’s hard to get a Tier Two Visa in the UK and getting a job is even harder. But it’s not impossible, and the good news is you can get a mortgage in the UK on a Tier Two Visa. Your mortgage eligibility doesn’t have a lot to do with where you were born, it’s more dependent on your credit history and your income in the UK, your expenses and how long you’ve been in the UK.
Many people living in the UK on a Tier Two Visa think it could be a real challenge to obtain a mortgage as a foreign national, but your nationality or residency status does not itself present a barrier in getting a home loan in this country.
When it comes to mortgages for visa holders, some lenders may require that you have a visa with a long expiry date, sometimes with more than two and a half years left is preferable, but not all lenders are like this. It is really a case-by-case basis and it’s really important that you speak to someone that is experienced in dealing with visas and knows the lenders that can cope with this.
How do I check or improve my credit if I am on a Tier Two Visa?
If you have a valid UK work permit, a visa such as a Family Visa, Tier One or Tier Two Visa, and you get permanent residency in the UK, a permanent job in the UK and a UK Bank account, you can check your credit score and report through one of the credit reporting companies, sometimes on a free trial basis.
The longer you’re in the UK, the longer credit history you will have for lenders to check. It’s all a matter of the risk that you present to a lender if they’re going to lend you a large amount of money. The longer they can see that you’ve been in the UK and working and you’re handling your credit correctly, the better chance you’ve got of getting a mortgage.
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How much can I borrow on a Tier Two Visa?
A lot of people that I speak to have been told it’s up to 60% and there’s no way they can afford to save up that size of deposit. I have obtained a mortgage of up to 90% for someone on a Tier Two Visa. It’s a case of knowing which lenders to go to, but it is a case by case basis. The stronger picture you can present of your residency, working status and credit score, the better chance you’ve got to borrow up to 90% at this moment in time.
How can a Mortgage Broker like Total Home Loans help?
If you approach a broker, either come to speak to me at Total Home Loans or our other company Fancy a Mortgage, we’re very experienced. It is very much a case-by-case basis and if you’re not ready yet, at least we can give you some idea of what to do to help you so that you may be able to get a mortgage in the near future.
The current market remains very buoyant and property prices seem to be booming. Even with the risk of rates creeping up gradually, they’re still historically low. It’s the safest place to have your money and people come into this country that work hard and want to know where they can put their money and protect their savings. The mortgage really is a long-term savings vehicle. There may be peaks and troughs, but it’s safe in bricks and mortar.
What if I have a Tier One Visa?
It’s the same process really, there’s no difference. It’s going to be a case of how long you’re in the UK and what your credit history is like and will be decided on a lender by lender basis. I’ve not had any tier level or settled status that we can’t cope with, it just depends on your particular circumstances, how much you want to borrow and what risk element you’re going to present to the lender.
Go to a broker at your earliest opportunity and tell them your situation, what you’re looking to do and let us guide you to achieving what you want to do.
Your property may be repossessed if you do not keep up repayments on your mortgage.
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May 31, 2022
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