Foreign Nationals

Foreign Nationals

If you are living in the UK as a non-UK national, you may be wondering what impact your residency status has on your mortgage options. The good news is there are lots of mortgage options available to foreign nationals, however, the eligibility criteria can be more stringent than for UK citizens.

It is possible for non-UK nationals to get a UK mortgage. Eligibility is based on factors such as nationality, visa status, credit score, and loan-to-value amount. Lenders have varying criteria, and factors like residency duration and financial stability also play a role in determining eligibility.

Can I buy property in the UK if I am not a UK national?

Yes, UK mortgages are open to non-UK nationals. Most mortgage lenders will consider applications from foreign nationals, however, some may impose additional checks or have enhanced requirements for certain applicants, for example, those on certain visa types or those who have not been in the UK for long and don’t have a UK credit history.

If you have settled status or indefinite leave to remain in the UK, you should have similar options to those offered to mortgages offered to a UK national.

Do you have to live in the UK to get a mortgage?

There are now increasingly more options available for foreign nationals, including Tier 1 and Tier 2 VISA workers. Most mortgage lenders insist on applicants being residents of the UK and having a valid UK work permit.

What type of non-UK citizen can get a mortgage?

As a foreign national, we mean anyone who does not have the right to a UK passport. But, as long as you have the right to live and work in the UK, you should have mortgage options available to you.

Mortgage lenders will consider most visa types other than short-term visas. Mortgage lender criteria does vary depending on your circumstances. Some lenders may insist on larger deposits and/or require that you have lived in the UK for a minimum period of time.

Indefinite leave to remain

If you have indefinite leave to remain in the UK, you will have access to the same deals as UK citizens and will typically be subject to the same criteria.

However, if you don’t have indefinite remain to leave, then the process may be a little different.

Skilled Worker Visa (Tier 2 Visa)

If you are a foreign national residing in the UK as a skilled worker, then you will be a resident on a ‘working visa’ formally known as a Tier 2 visa.

Securing a mortgage on a Tier 2 visa is certainly possible, although there are two main considerations aside from the lender’s standard criteria:

• The length of time you have been a resident in the UK
• The time left on your Tier 2 visa

There are certain lenders now offering up to 95% Loan to Value mortgages for Skilled Visa workers, often subject to minimum income requirements which vary by lender to lender.