For those on a Tier 2 visa, settling in the UK on a permanent basis is high on the list of priorities. But what if you see a property that you can afford to buy now? Is it possible for a Tier 2 visa holder to get a mortgage and buy a property in the UK? In this article, we look at the options open to you.
Help to Buy is a government-backed initiative to help first-time buyers on to the property ladder. The government gives the applicant an equity loan that allows them to access mortgage deals that would not generally be available to them.
The price of properties in the UK is among the highest in the world and Help to Buy is one way of helping first-time buyers access the market with as little as a 5 % deposit. The scheme has been very successful and has helped thousands of first-time buyers to buy their new build home. The usual route of obtaining a mortgage can be extremely challenging due to the size of a large deposit. The government loan is low cost and is very useful for those who require a helping hand onto the housing ladder.
If you search through the terms of the scheme you will see that there is nothing to stop a Tier 2 visa recipient obtaining a Help to Buy mortgage, however, it may be difficult to get the funding required due to only a small number of lenders being able to offer the scheme.
Internet forums indicate that many people have had problems in accessing funding, yet with perseverance, they have managed to find a lender that was willing to help them.
No, there is only a short list of banks and building societies that can offer the scheme. Of these institutions, you will need to check with them to see whether they can offer you a mortgage.
The following banks/building societies are members of the scheme and can offer the equity loan backed mortgages:
Barclays Chorley Building Society Cumbria Building Society Leeds Building Society Halifax Natwest RBS Newbury Building Society Santander Teachers building society Woolwich Virgin Money Post Office Lloyds HSBC
This list is liable to change, so please check the Help to Buy website in advance to see who the current leaders are.