Foreign national – UK resident
This category is for those foreign nationals who are living in the U.K. on a UKVI visa such as a spousal visa , UK ancestry visa or a Tier 1 and 2 visa, but do not yet have settled indefinite status in the U.K. and/or are not British nationals.
The requirements will vary between EU citizens and non-EU citizens. As a guide, for EU citizens, lenders will want you to have lived in the U.K. for over 3 years, have a permanent job and a U.K. bank account. It is important to note that lenders generally treat all European Economic Area (EEA) citizens which include the 27 countries in the European Union and Iceland, Norway, Liechtenstein the same as British citizens. This also applies to Switzerland. It is still unclear what may happen after Brexit, but for now there is no indication that things will change.
For non EU- citizens, you are required to have lived in the U.K. for at least 2 years and should have a permanent job and a UK bank account. If you have indefinite leave to remain in the U.K. then most lenders will consider your application. But different lenders will impose their own conditions. For example, some lenders will want to see that you have a visa with at least 2 years and 6 months left and have worked in the U.K. for more than three years (excluding any time you may have been here as a student or refugee). If this does not apply, then a lender may ask the employer to provide a confirmation that the applicant has asked for his/her permit to be renewed. Documentation linked to the conditions attached to their visa will also be important. That is why a mortgage broker is so important in being able to help you identify which lender can be a good match to your circumstances and navigate you through the process. Finbud will aim to take you through a smooth process.
The first thing we will do is assess the terms of your visa including how much time you have left on your visa and consider the time you have been here in the U.K. and what family and employment ties you may have in the U.K. You would also need to provide us with the full details of your employment and salary as well as your CV and your future employment settlement intentions within the U.K.
We would also need to assess your financial situation and ability to obtain a mortgage throughout the term. It is important to be able to show the lender that you are able and committed to paying off your monthly installments and any interest that may be payable.
The next step would be to produce a formal agreement in principle from the lender. This agreement would include full details of the loan including costs and interest as well as other costs such as incidental liabilities, valuation, survey charges and Solicitor’s fees.
This can then be shown to the estate agent who can then see that you are serious and in the market to purchase a new home. It will show your ability to obtain credit and pay for the purchase of a property.
As a foreign national, you may have in the past faced difficulties in relation to obtaining a substantial deposit if your money is currently being held in a foreign bank account. This is because of UK anti money laundering regulations. Lenders want to be able to see that clients have been saving regularly from income sources derived from the U.K., which may be evidenced in a U.K. bank account rather than a foreign one. Finbud will be able to navigate this for you and try our best to find a way for the lender to accept any income coming from abroad.
Whichever visa you may have, we will use our network of lenders to find you a lender who is able to match your requirements. We have helped many others in the same position as you with great success.
Contact Finbud now on 0207 788 6627 for our expert advice and assistance to help you achieve your goal of owning your own home.
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