Tier 2 Mortgage
If you're on a Tier 2 visa, you may think that buying a property is impossible, but do not fret, while your options are few, there is a set of lenders who may be able to help you. In this article we look at some common questions related to mortgages for Tier 2 visa holders and offer some tips for those in the market.
How realistic is getting a mortgage on a Tier 2 visa?
While certainly not straightforward, it is possible to get a mortgage on a Tier 2 visa. You will need to do some digging to find lenders who are willing to take on those with a Tier 2 visa.
I don't have much of a credit history am I likely to get a mortgage?
Every situation is different, as is every lender's criteria. While some will not be willing to help, you may be surprised by the amount that will be. In the end lenders make considerable sums over the life of a mortgage so it is important that they sell as many as possible. You can also work to improve your credit history with websites such as Clearscore, who offer free services to help improve your credit.
I don't have much of a deposit, what are my options?
With options such as Shared Ownership and Help to Buy, the government has tried to assist those with smaller deposits. Help to Buy offers a government backed equity loan to help access mortgage deals that would normally only be open to those with a higher deposit. House prices in the UK are among the highest in the World and this means that even those on median incomes can struggle to join the ladder. It is well worth investigating the government's options as they may well be perfect for you.
But I thought I wouldn't be eligible for Help to Buy or Shared Ownership.
While not common, it is not in the terms of either scheme that you cannot be on a Tier 2 visa. It is well worth speaking to the lenders who run the schemes to see if they can help your situation. Several high street banks and building societies take part in both of these schemes and they are an excellent option for those looking to get on the housing ladder.
Who should I turn to for mortgage advice?
Mortgage brokers are well worth the small fee that they charge for their services. With inside knowledge of the market, brokers have access to useful information that can help find the right deal for you and your situation. We would always suggest that you speak to professionals in the field who can help.
How we can help
With years of experience our specialist immigration solicitors have a unique understanding of visas and immigration. If you have any questions relating to this then please get in touch and speak to us today.