What are some issues mixed nationality spouses can run into when applying for a mortgage?
We’ve already discussed difficulties that people who aren’t British residents due to it being harder to prove income and credit history, however, this is where specialist lenders come into the equation and help our clients by specialising in this type of joint lending and offering a joint mortgage even to people who are non citizens and don’t have residency.
If you’re not a UK citizen but have somebody you’d like to get a joint mortgage with, then our panel of specialist mortgage lenders will be able to help. Here are some of the issues that our clients face with traditional lenders.
How long you’ve lived in the UK
In terms of your nationality, it doesn’t actually matter where you’re a citizen, what matters more is your history in the UK and how long you’ve lived here or haven’t lived here.
If you’re a foreign national or resident that’s not a problem; what many of our clients find difficulty with is that many banks and traditional lenders require at least three years of residency and address history to qualify for a mortgage.
Many of our clients are going through the visa process and aren’t necessarily a settled citizen or resident in the UK, but because we work with specialised and niche lenders, we’re able to find lenders that traditional banks can’t, and we can help you to qualify for a mortgage if you’re able to meet other criteria to show that you’re creditworthy.
One of the other issues non-UK residents find is that most traditional lenders and banks have quite a small cap for lending on a mortgage. This will vary between different banks but generally speaking most won’t lend above a 75% Loan To Value (LTV).
This creates problems if our clients are looking to buy in London or the South East as properties tend to be more expensive there and getting together a 25% deposit can be difficult in those circumstances.
There may also be issues if your partner who is a citizen or resident is the main income earner, or you don’t earn much income. Again, these are issues we can resolve as we have a panel of specialised lenders who deal with this type of mortgage all the time.
One of the main problems our clients come across is proving their credit history or that they’re credit worthy. One of the most important aspects with regards to traditional lenders is that they can see you’re reliable and can afford the payments, and they rely heavily on credit histories from UK credit agencies such as Experian, Equifax and Trans Union.
Your UK residency history forms a large part of this and so, if you haven’t got much of a history, you can find it very hard to get lending with traditional banks and mortgage providers, but we can help with this and advise many clients who have this issue.
If you earn or receive your income from abroad, many of the traditional lenders may find this to be quite risky as they aren’t able to fully verify where your income comes from, how stable it is and whether it’s legitimate.
In these circumstances you may find it hard to get a mortgage approval, however, our advisors and brokers are experienced in this type of application and so can help you out with this and advise you on what sort of proof would be acceptable and what kind of paperwork you’d need to be able to prove this.
For non-UK residents or a non-UK citizen that is awaiting indefinite leave to remain, this can also cause some issues with the mainstream banks and mortgage lenders as they might not be sure whether your immigration or residency application will be approved, and therefor may not know or be confident that you can repay the whole mortgage amount over the agreed term.
However, if you’re applying with a UK resident, even as non-UK citizens, then we can help you with a mortgage as we can provide access to a panel of lenders that are happy as long as they know that one of the applicants is credit worthy, and can be relied upon to repay the mortgage over the agreed term.
Speak to our specialist mortgage brokers today!
We’ve put together a team of specialists who have years of experience dealing with applications for mortgages from either clients who aren’t resident in the UK, aren’t a UK citizen or who are resident abroad.
We know what information our panel of lenders are looking for, and we can help you every step of the way to be able to get yourself in the strongest possible position to get yourself accepted.
We’ve got one of the best teams in the business and all our advice is no obligation and free, so it’s always worth speaking to us first and foremost. We work with one of the most diverse panel of lenders in our sector and are experts at putting together applications for our clients that we know are likely to be accepted.
Not only that, but we’ll always ensure you have access to a wide range of quotes, deals and rates, and as a client of ours, we can provide you with access to exclusive offers and deals, so why not get in touch today?