What is a foreign national mortgage?

A foreign national mortgage is a property loan that allows people to buy a home in a country that they weren’t originally born in. One of the main criteria for a typical British mortgage is that the borrower needs to have been a UK resident for two or three years. 

Can I get a foreign national mortgage in the UK?

It’s no problem to get a mortgage as a foreign national in the UK, especially with the support of an experienced broker.  We work with mainstream and specialist lenders to find the most appropriate lender and mortgage to suit any client. It is generally straightforward to find mortgages if you’re a foreign national living in London or the UK – especially if you have lived here for over two years, have a permanent job and a UK bank account. A good credit score is also very helpful.

Can you get a Buy to Let mortgage as a non-UK citizen?

It’s straightforward to get a Buy to Let mortgage if you are resident in the UK and have been for over two years. It’s even possible to get a UK mortgage if you don’t currently live in the UK, although as a more specialist form of borrowing there will be fewer options.  Generally, with Buy to Let, you will need at least a 25% deposit, and the amount you can borrow is influenced by the rental income you plan to generate from the property.

How to get a foreign national mortgage

The sooner you see a mortgage broker, the faster and easier it will be to find a suitable mortgage deal. We will explore your specific situation and what you’re looking to achieve, and recommend the most appropriate lender and mortgage product. Generally, if you’re thinking of buying property in the UK, make sure you have a UK bank account and check your credit history at the outset. It is usually easier to find a lender if you have a 10% deposit or more .

Which Visa is needed to get a UK Mortgage?

There are three main types of visas and these may impact your chances of mortgage approval. Generally, mortgages are available to you but, as always, lenders are interested in how ‘risky’ you are as a customer. They always prefer to lend to someone who appears likely to pay their mortgage payments on time. 

EU citizen: If you have lived in the UK for more than three years you are entitled to the same mortgages and lending options as a UK citizen. Again, you will need to have built up a good credit history to count towards your application. If you haven’t lived in the UK for this long, there are still certain lenders that will consider your application. 

Family visa: These visas cover married couples and blood relatives such as children and parents. Various lenders will offer mortgages to people on a family visa – as mortgage brokers we will help you identify the options for your situation.

Tier 1 or Tier 2 Work visas: It tends to be easier to get a mortgage on Tier 1 and Tier 2 if you have one to two years left on your visa. If you plan to stay in the UK, you can also apply for Indefinite Leave to Remain, which will widen your mortgage options. 

Which lenders offer foreign national mortgages and what are the interest rates like?

The mortgage market changes on a daily basis, so it’s difficult to give clear guidance. Mortgage rates are rapidly changing too, so the best bet is to contact us for up-to-the-minute mortgage advice.

What happens if I am a foreign national who is self-employed?

Being self-employed can reduce the number of mortgage lenders available to you, as can foreign national status. The two things combined, therefore, can make it more challenging to find a good mortgage deal.  It will always help if you have a significant deposit. Depending on your specific circumstances, we should be able to identify some options for you. 

How can London Mortgage Solutions help?

We have a lot of experience in helping expats find a UK mortgage. We are registered in England and fully authorised and regulated by the Financial Conduct Authority to provide financial advice in England and Wales.  We will work on your behalf to explore residential, Buy to Let and commercial mortgages to suit your specific needs. We’re easy to deal with and we manage mortgage applications from beginning to end.