Is it harder to get a mortgage if I am a foreign national but don’t have permanent rights to reside in the UK?
In short, yes, extra criteria applies, which can only make it more difficult. That said, it is very readily achievable and if you know the finer details of mortgage lenders’ criteria, often easier than you may have been told.
You can view our Non-UK National FAQ here.
If you are a foreign national, without permanent rights to reside, we may be able to help, even with these requirements:
-If you have a deposit as little as 5%.
-If you have only just moved to the UK.
-If you only have a few months left on your VISA
-Whatever your VISA type
-If you are self employed
-If you have had some credit blips
The difficulties arise in combining these requirements. For example, if you have been in the UK for over 3 years, have 2 years left on your VISA and want 95%, that is very much possible. But if you are looking for 95%, have only been in the UK for 6 months and have had credit blips, this may not be possible.
Mortgage lender criteria exceptions for foreign nationals
Where we have the most success is utilising lenders criteria exceptions, where they waiving their foreign national requirements. Without using these exceptions properly you could be told you are not eligible for a mortgage or that you need to put in a deposit of 25% or higher, which might not be true. Certain lenders can consider waiving their VISA requirements if:
-You have been in the UK for more than 5 years.
-You are on a VISA, but the other applicant(s) income is sufficient to obtain the mortgage amount needed.
-You have been in the UK longer than 2 years.
-You earn over £100k.
