Many non-UK citizens would wonder if they can get a mortgage in order to buy their first property in the country. And the answer is: You can. When it comes to mortgages it’s less about where you were born, and more about your credit history, and that you’re admitted to live in the United Kingdom and gain money working legally there.
Credit history depends where you are living. IIn other words, it’s very country-specific: there’s no such thing as, “a European credit score”. Bankers will want to see if you have an acceptable and adequate credit history in the United Kingdom before they accept to offer you a mortgage.
So once you enter the UK, you should make your credit score grow. You may wonder how to do that. Well, it’s quite simple. You’ll just have to register to vote, open a bank account, set up some direct debits, and ensure you pay your bills in time. If you’ve moved to the UK not long ago, you may notice that it takes some time before you can be examined for getting a mortgage.
Sometimes, non-UK citizens may have trouble obtaining those mortgages to get a property in the UK because of the firm and unvarying loan criteria of many banks. The good news is various UK banker’s specialists offer “made-to-measure” mortgages and short-range finance created precisely for non-UK citizens buying or investing in a UK property.
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The software also calculates the return on investment for every property on Rightmove and locates below market value properties for sale, saving investors hours of time spent on research.
Getting a mortgage as an EU citizen
If you’re an EU citizen, you can request for a mortgage the same way as a UK citizen, as long as you’ve lived in the country for no less than 3 years,and have a stable job, and a UK bank account.
You’ll still need to pass a bankers standard credit score and history, which means it’s important to start setting up a credit history as soon as you arrive in the country.
Getting a mortgage as a non-EU citizen
If you were born outside the European Union and have permanent residency permission, or indeterminate leave to stay, you might need to present the following to bankers to apply for a mortgage:
- Evidence that you’ve stayed and lived in the UK for at least 2 years
- Evidence that you have a permanent and stable job in the country
- Proof that you have a UK bank account
- Feasibly a bigger deposit (around 25%)
Mortgages and visas
If you were born outside the European Union and you don’t have permanent residency permission, you may still gather the conditions to get a mortgage if you have a Tier (general) 1 or 2 work visa, a family visa, a UK Ancestry visa or a UK residence card.
Mortgages with a Tier 1 or Tier 2 visa
These types of visa will raise your chances of an approved mortgage application, as long as it has sufficient time left on it. Most bankers will require you to have 1 to 2 years left, and will want you to have been employed and working in the country for a couple of years before offering you a mortgage.
Mortgages with a Family visa
If you have a family visa, you can apply for your mortgage together with your partner or relative because your visa gives you the right to work in the country. This signifies your salary can be considered and you can borrow more money to a bank.
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