How do you know if you qualify for a UK mortgage as a foreign national?

Foreign national mortgages are available to those who are not UK citizens but who have permission to live and work in the UK. There are a number of things that you will need to consider before applying for a mortgage as a foreign national, including your employment status, your credit history, and your financial situation. In addition, you will need to provide proof of income and employment, as well as documentation of your residency status in the UK. A key element of how any mortgage application is likely to be assessed is whether you are with indefinite leave to remain in the UK or without indefinite leave to remain.

What are some of the things that UK lenders consider when determining your eligibility for a mortgage?

The type and length of any visa and your official recognised status within the UK are the major factors in any mortgage lender’s assessment when applying for a mortgage. Because they may not have a solid or long-standing financial foundation or history in the UK, foreign nationals may sometimes be considered to be a higher risk to lenders and may therefore in some – but not all – cases be required to provide a larger deposit than UK nationals. Beyond your visa status, another factor that UK lenders will consider is your credit score. Your credit score is a measure of your financial responsibility and it can impact your ability to get a mortgage. If you have a low credit score, you may be required to make a larger deposit or pay a higher interest rate. Lenders will of course also look at your employment history and income when determining your eligibility for and the affordability of any mortgage. The type of property you are looking to purchase – whether a UK resident or foreign national – will also play a part in the assessment of any mortgage application.

What Types of visa may be accepted for a UK mortgage?

There are a number of visas that may be accepted for a Foreign National Mortgage in the UK. The most common are the Tier 1 and Tier 2 visas – which are typically issued to highly skilled workers – however, other visas such as Spousal or Student visas may also be accepted. Each lender will have their own very specific requirements, so it is important to obtain advice from a specialist mortgage adviser to check on your likely eligibility with lenders before applying for any mortgage.
Foreign national mortgages can be an excellent way to finance the purchase of a property in the UK, but it is important to make sure that you meet all of the eligibility criteria before applying.