Getting a mortgage probably ranks one of the highest priorities for most people across the UK, and owning your own house is a feeling that almost everybody wants to experience.
Getting approved for a mortgage can be difficult at the best of times, with the evidence you need to provide with regards to your income, your job security, and your credit history. After the financial crash of 2008 the rules around lending money through banks were made stricter in order to protect the economy in case people were taking on debt they couldn’t afford.
That can become more difficult if you’re trying to get a joint mortgage with somebody who isn’t a UK resident as it becomes more difficult to do this as it can be more difficult to prove income, background and credit history as a foreign national, and many of the high street banks don’t offer products to this end.
That’s why many mortgage providers who offer a mortgage to non-British residents are more specialist lenders, and it’s why many of our clients who are looking for this type of mortgage go through a broker or an intermediary.
How much can a non UK resident borrow?
This will broadly depend on your circumstances and the property you’re looking to get a mortgage on. It will also depend on your income and how much deposit you have. Generally speaking, a joint application will mean that you’re able to borrow more money against the property and on the mortgage as you’ve got two incomes. Most mortgage companies will be able to lend you anywhere from £50,000 up to £5 million, again depending on your income and the deposit you have.
If you’re unsure about your eligibility, or you’re looking for further advice about how much you might be able to specifically borrow then it’s certainly worth getting in touch with one of our brokers today to understand it in more detail.
Getting a UK mortgage when living abroad
If you live abroad it’s not necessarily an issue when looking for a UK mortgage, even if you’re applying jointly.
What will matter is how much time you spend in the UK, whether you’re a UK citizen and whether you’re able to repay the mortgage should you be approved.
It’s certainly possible, however, some of the traditional lenders and banks may see this as inherently riskier, and certainly if you earn your income abroad or you’re intending to repay your mortgage with income from abroad. Again, the issues we’ve described above are common hurdles that many of our clients face when applying for a UK mortgage from abroad, but we have a dedicated team of brokers who have years of experience putting our clients in touch with specialist mortgage companies that are looking for more exposure to the UK market, and so if you’re concerned you just need to pick up the phone.
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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?
Frequently Asked Questions
FAQ Joint Mortgage with non UK resident
Can I get a mortgage without indefinite leave to remain?
Yes, you absolutely can get a mortgage even without indefinite leave to remain, and it usually makes it easier if you’re putting forward a joint application with a UK resident, or you’ve got two incomes.
As we’ve already mentioned, one of the key facets of your mortgage application will likely be how much time you’ve spent in the UK, and how much of a credit history you’ve managed to accrue in that time.
We’re able to run you through these requirements, however, so there’s no need to worry. There are other criteria that we can meet if you’re struggling with the standard criteria that banks and other lenders want, as we work with a very specialised panel of lenders that can help with this.
Ultimately, if we can help you to prove that you have the income to pay for your mortgage, and that you are in a situation to be considered credit worthy, then we will be able to help you, and we’re also able to provide you the advice you need to get your application ready for submission.
Can I get a mortgage without permanent residency?
Again, this isn’t so much of an issue for applicants as it is to fit other criteria that our lenders like to see. It’s best for us to understand your circumstances in more detail to provide you with tailored advice, however, broadly speaking it is absolutely possible.
One thing that helps with these types of applications is if you’re a joint applicant, but we can also discuss with you other criteria you can meet, such as providing details of your income and proof of where your income comes from, including any address that you’re associated with in the UK. We can also help you to provide proof of credit worthiness by looking to prove your credit history.
There are a number of options and we work with a specialist team who are very experienced with these types of mortgage application, so we’re in a great position to be able to advise you and be able to get you into a position where you’re able to progress a mortgage application.
Alternatively, if we feel you’re not quite at the right stage to submit a mortgage application, we can provide you with advice of what you’ll need to qualify and may even be able to help with alternative finance options.
Mortgages for foreign nationals buying in the UK
Foreign nationals can certainly get approved for a mortgage in the UK relatively easy, depending on their situation and whether they’re able to meet the lending criteria set by the lender.
Again, if you’re looking to go with standard or traditional lenders it’s likely you’ll find things more difficult as they may see you as inherently more risky and it will also depend on how long you’ve been in the UK for and whether you’ve managed to build a credit score up whilst here.
Similarly, if you’ve got a good income and can prove it, then you’re likely to be in a much stronger position for a mortgage.
Can I get a mortgage with less than 3 years in the UK?
It would make it more difficult, but again, we’re able to assist you with that by potentially meeting other criteria that the lender may see as favourable, and whether you’re able to prove how you intend to pay for the mortgage and what you do for your income.
We work with a number of lenders who will consider applicants with less than three years in the UK, and can talk you through that process and how it works, and if you don’t have the level of detail we’d need to be able to put your application forward to our lenders than we certainly advise you of what you’d need to provide in the future and work with you towards that.
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