Can I get a mortgage on a Tier 2 Visa?
Yes, is the short answer. You can get a mortgage in the UK as a foreign national. There are UK banks and mortgage lenders who will consider a mortgage application on a Tier 2 Visa.
What is the lender criteria for a Tier 2 Visa mortgage?
Lender criteria does vary, depending on the length of time you have spent in the UK and the length of time left on the Visa. Here are the general requirements for foreign nationals:
- Some lenders will cap their maximum Loan to Value (LTV) to 75% LTV regardless of time spent in the UK.
- Mortgage lenders require at least 2 years remaining on a Visa in most cases.
- Where a Visa has less than 3 years remaining, some mortgage lenders require your employer to confirm that they have applied (or intend to apply) for the permit to be renewed.
- Applicants must not enjoy diplomatic immunity.
- Minimum income requirements may apply and some lenders will also require that you take out a Capital Repayment mortgage (not Interest Only).
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Author: Ben, Glow Mortgage Advisor (CeMAP, BSc Hons)
Date Published: 2nd July 2018.