If you have been in the UK for some time on a Tier 1 visa, you may be wondering if you could buy a property. In this article, we examine property buying for visa holders and provide you with the means to access clear advice about exactly what your rights are.
Many banks will be willing to lend to those on a visa. But you may find that your choice of lender is somewhat limited by your circumstances. It is likely that the process will be longer for you than most customers.
As advertised rates are "typical" your individual circumstances are a factor in the interest rate that's offered. It is likely that you will pay more than the market rate to reflect your differing circumstances.
You will likely only have a few providers to choose from so that will also be reflected in the price that you pay. Mortgage lenders charge for convenience and your visa will be a factor in that.
It is going to depend on your financial history in the UK. Like all financial applications, mortgage applications get checked against your personal credit history. If you have gained credit in the UK in the past, then you will have started building a credit record.
If you have built up a good credit history in the UK and have had no defaults or county court judgements (CCJ's) then you should stand a very good chance of success.
It is likely that if you could not get indefinite leave to remain that you would need to sell the property and leave the country. But if you have a mortgage it may well help your ILR application as you have put down roots in the country.
There is also the possibility of keeping the property and renting it out (subject to mortgage provider's terms). If you were then to return to the UK in the future, you would still have the property.
As with any credit you need to have some credit history to get more credit. Having a UK bank account for more than a few years will be helpful, as will having accounts with telephone and television companies.
Also, you should consider talking to a mortgage broker. Brokers have access to certain information that isn't available to the public and may be able to offer invaluable advice on the situation. You should consider shopping around for a mortgage in advance. Be careful to not make several mortgage applications as these go on your credit record and can affect your chances of success.
If you have any issues related to your visa or are now looking to apply for indefinite leave then get in touch. Our immigration specialists have extensive experience in the immigration space and can offer help and advice.