Mortgage Advisor for Foreign Nationals and Non-UK Citizens in Surrey, Essex, and Greater London
Obtaining a mortgage as a foreign national in the UK is entirely possible
As mortgage brokers and consultants who specialise in mortgages for foreign nationals in Greater London, we can help you through the entire process.
There’s a bit of a misconception that if you aren’t a permanent UK citizen then you can’t obtain a mortgage, but that’s not entirely true. There are many lenders out there who do offer mortgages to foreign nationals and it is all down to the circumstances for each case. A lot of people go direct to their bank and find that they’re not able to consider their case, then where do you go next? Well, each lender has their own set of criteria when it comes to foreign nationals so it could be pretty difficult for you to navigate your way through it all on your own. That’s where we come in, we’re experts in the field so you can rely on us to research your options to find you the best lender for your situation. If you’re looking for the leading mortgage advisors for non-UK citizens in Surrey, Essex, and across the surrounding area, then the team at The Mortgage Story is here to help.
What about EU Nationals?
EU nationals with pre-settled or settled status are usually treated the same as UK citizens when it comes to applying for a mortgage, meaning that there aren’t restrictions in terms of deposit size for example. Depending on how long you have lived in the UK, lenders may still have issues in conducting credit searches if you haven’t built up much of a credit profile in the UK, which could make it a bit more difficult to obtain a mortgage. That’s why we always recommend downloading a copy of your credit report, we can then take a look over it and identify any suitable ways that could help to boost your credit footprint.
Since Brexit, there have been some changes to the system for EU nationals, if you hadn’t applied for the EU settlement scheme before 30th June 2021, you are no longer eligible to apply for the scheme and instead you would require a visa to live and work in the UK. This means that lenders would treat your application according to their foreign national criteria, therefore there can be restrictions in terms of your deposit amount, time spent in the UK and the amount of time that you have left on your visa. For more information about mortgages for foreign nationals from the EU, don’t hesitate to get in contact with the leading mortgage consultancy in Greater London to discuss your specific requirements.
The main factors that impact mortgage applications for foreign nationals
Length of time in the UK
Many lenders may require you to have been living in the UK for a minimum period of time. Some lenders require a minimum of 1 year, whereas some have a requirement of just 6 months and others have no requirement at all.
The main reason why lenders have a minimum time period is because they need to conduct credit searches on you in order to decide whether or not they’re able to lend to you. If you’ve arrived in the UK fairly recently, you may not have enough of a credit footprint in the UK for them to make that decision.
Deposit
The majority of lenders do require a minimum of 25% deposit for a foreign national mortgage.
However, depending on the rest of your situation, such as your level of income and the amount of time that you’ve been living in the UK, we could potentially find a mortgage for you up to 95%, meaning you might only need as little as 5% for your deposit.
Some lenders also require the deposit to come from your own funds, as opposed to it being gifted to you – but that’s not always the case.
Income
The majority of lenders do not have a minimum income requirement for foreign nationals, however, it can become a bit tricky if you’re paid in any currency other than pound sterling. For example, if you were paid in Euros or US Dollars, not all lenders would be able to consider this.
Visa
There are several types of visas that we come across, the most common ones being:
- Skilled worker visa (formerly Tier 2)
- Entrepreneur visa (formerly Tier 1)
- Family/Spousal Visa
Typically, lenders treat all visas the same in terms of their requirements for a mortgage for a non-UK citizen. Some lenders also have a requirement for the minimum amount of time that needs to be remaining on the visa, usually this is 6 months to 1 year.
So if you've just moved to the UK from abroad and you're looking to purchase a property, then get in touch with us, we can help save you a lot of time and stress! Whether you’re looking for a property in Surrey, Essex, or beyond, don’t hesitate to contact the team at The Mortgage Story to discuss your goals and requirements. As one of the leading mortgage brokers in Greater London, we are here to make your mortgage journey as smooth and stress-free as possible.
Why Choose The Mortgage Story for Your Foreign National Mortgage?
We understand that buying a home in the UK, regardless of your residency status, is a unique journey. That’s why we tailor our comprehensive support and guidance to each client’s individual needs and goals.
Our dedication to international clients shines through in our services, which include:
• Whole of Market Access: We compare mortgage options from a wide range of lenders to find the most competitive rates and terms for your specific situation.
• Personalised Approach: We listen to your vision, goals, and financial circumstances to craft a bespoke mortgage strategy that truly works for you.
• Streamlined Process: We handle the complexities of mortgage paperwork and negotiations, taking the stress out of your UK property purchase.
Get in touch to arrange a free consultation
What We Do For You
Source The Best Deals
Our role is to find you the best deal based on your circumstances and with access to the whole market, you can trust that we will find the best deal for you.
We’ll take into consideration your individual circumstances in order to find the most suitable lender for your case,
Provide Additional Services
There’s a lot to think about when it comes to buying a property, but there are other aspects, aside from mortgages that we can help with.
We can help with finding the right solicitor to deal with your case or even local firms to carry out your surveys if you like. It’s one less thing that you need to worry about.
Work Quickly and Efficiently
There’s nothing more frustrating than having a mortgage adviser who takes days to respond to your last email. So, we’ve made it our mission to always be as responsive as possible so that you can get the answers that you need in as little time as possible.
Mortgages for Foreign Nationals and EU Citizens
If you’re a foreign national who currently holds a valid visa, or an EU citizen, then get in touch with us using the form below. We will help to navigate you through the entire process, helping put the keys to your new home in your hands.
For a free & personalised quote, get started by entering your details below.