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If you a foreign national living in the UK, you may well want to buy a property while you are here – whether it's a new family home or just a temporary residence for you.
The choices available to you depend on two things:
If you are an EU national, you should have a traceable credit history and you will potentially be able to get a regular UK residential mortgage, without any extra costs.
There are three requirements for this:
Additionally, of course, you will have to meet the same credit rating standards as UK borrowers, but you shouldn't have any problems getting a competitive UK mortgage – or a buy-to-let mortgage either.
If you are not an EU national then you will have no traceable credit history within the UK, which causes complications when applying for a mortgage.
The solve this, the basic requirements you will have to meet are:
Permanent residence is considered preferable to only having a work permit, but there are lenders who will provide a mortgage on the basis of a work permit only.
The requirement to have lived in the UK for two years is due to the necessity of building up a UK credit history before lenders can approve your mortgage application – read on to learn about one possible way around this problem.
Whether you are an EU national or not, there is one other mortgage option that will enable you to bypass some of these requirements. If you are able to provide at least a 25% deposit for the property you wish to buy, you may be able to get a so-called non-status mortgage – better known as a self-certification mortgage.
This means that you are not required to provide proof of your income – instead you simply agree in writing that you can afford the mortgage repayments you require.
This is the reason a relatively large deposit is required – to balance out the risk of your defaulting for the lender.
As always with non-standard mortgage requirements, by far the best way to find a suitable choice of mortgages is by going through an independent mortgage broker.
As an independent, they will have access to the entire mortgage marketplace, including mortgages that are only offered through brokers – not directly to customers (these are sometimes some of the best deals, too).
Read
on about Expat Mortgages
To read more on this subject please see the list below or your mortgage guide or your home buying guide
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