Getting a Mortgage if you are on a Tier 2 Visa
If you have come to the UK with the intention of taking up employment as a worker with skill, then you will be living here on a Tier 2 visa. If you have a long time left on your contract or if you have personal commitments, then it may be in your best interest to try and apply for a mortgage as opposed to opting for a rental property. You may want to do this as a long term investment or on a short-term basis until you return to your own country. It is important to know that your residency status or your nationality will not be a barrier if you want a home loan. A lot of lenders will base their decision on whether or not to accept your application based on a set range of financial criteria. This can vary depending on which lender you decide to go with.
Getting a Mortgage as a Tier 2 Visa Holder
If you want to get a mortgage as a Tier 2 visa holder, then your lender will usually perform their usual credit checks and an affordability assessment. They may also look at how long you have been in the UK and how long is left on your visa. There isn’t a set amount of time that you have to live in the UK for, but most lenders will want to see around 2 years of residency. This ties in with your credit rating, as it shows that you have been in the country for long enough to build a good employment track record. When you apply for your mortgage, you will also need to bring some documents which prove your identity.
You may also need to put down a bigger deposit, depending on the lender you go through. We do have a lender that can offer you a deal with a 5% deposit if you go through the Shared Ownership scheme.
