First-Time Buyer Visa Mortgage
At JB Mortgages we offer the personal attention required to find a perfect fit at the lowest interest rates available for your circumstances.
- Access to competitive rates and some you can't get direct
- Specialist Mortgage Advisers
- You'll experience an unrivalled customer service
What's On This Page?
Get In Touch
First-Time Buyer Visa Mortgage
Sam Bull explains how the mortgage process works in the UK for first-time buyers on a visa.
Can I buy a house on a visa in the UK as a first-time buyer? How long do I have to live in the UK before I can get a mortgage?
Yes, you can buy a house in the UK whilst on a visa. There are no restrictions in the UK on foreign nationals owning property. All mortgage lenders have their own policy for applicants living in the UK on a visa, and they often like applicants to have lived in the UK for at least 12 months.
Having said that, some lenders have no minimum time period that applicants need to have lived in the UK, subject to other criteria. It will all depend on the applicant’s visa type, their salary, credit history and how much deposit they have.
What types of visas are acceptable?
Mortgage lenders will consider mortgage applications from people on most visas. Typical visas we see are Tier 1 visas, Tier 2 visas, spousal visas, ancestry visas, student visas and
British national overseas visas. We also work with applicants who have settled and pre-settled status via the EU settlement scheme.
All these different visas are fine – mortgage lenders are happy to lend to applicants living in the UK with one of these visas.
What are the lending criteria for a first-time buyer with a visa? Which lenders will accept applications with a visa as a first-time buyer?
Each mortgage lender will have their own criteria for first-time buyers living in the UK on a visa. However, they generally want applicants to have at least a 5% personal deposit.
Mortgage lenders are happy to lend around four to five times the applicant’s income, which is in line with normal mortgage lending criteria. Certain mortgage lenders might lend a little more to applicants on a visa.
Many lenders are happy to lend to first-time buyers living in the UK on a visa – including high street names such as NatWest, Barclays and Halifax. Typically they will want to see a copy of the applicant’s passport, a copy of their visa or share code, along with three months’ payslips, bank statements and proof of deposit.
What if I have bad credit and I’m looking to apply for a mortgage with a visa as a first-time buyer?
If a first-time buyer living in the UK on a visa has bad credit, we can still help arrange a suitable mortgage for them.
We’d need a copy of the applicant’s credit report to see what the issues are, and then work with a mortgage lender who can accept that bad credit. Typical things we see include missed payments, defaults or CCJs.
Applicants who have had issues with credit history may need a slightly higher deposit, depending on when the bad credit was registered.
How does remortgaging work with a visa?
There’s no real difference in processing a remortgage application specifically for applicants living in the UK on a visa. We would confirm when they moved to the UK, what type of visa they’re on, when that visa expires, and then we’d recommend a suitable mortgage lender.
They are already a homeowner, which usually means they’ve lived in the UK for at least two years, and so most mortgage lenders will be happy to lend.
Speak To an Expert
Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Can I get a Buy to Let mortgage on a visa as a first-time buyer?
Yes, there are mortgage lenders who are happy to lend to first-time buyers looking for a Buy to Let mortgage whilst living in the UK on a visa. It’s more restricted than standard residential lending, and lenders often require at least a 25% deposit.
Applicants would also potentially need to have a minimum level of income – often a salary of £25,000. Mortgage lenders also need the lending to fit with residential affordability calculations as well as rental coverage, when first-time buyers are looking for a Buy to Let mortgage.
How do I apply for a mortgage with a visa as a first-time buyer?
Applying for a mortgage on a visa is the same as for any other first-time buyer. You would just need to show your visa status and prove that you’ve got stable income in the UK.
We recommend first-time buyers on visas to have all the documents ready, such as a passport, copy of the visa or share code, payslips, bank statements and proof of deposit. For applicants on a visa, having a UK credit history can really help the application.
In terms of the process, we would start with a fact find with our clients. We then get an Agreement in Principle, which usually involves an initial credit check. We then submit the mortgage application and, assuming that there’s no issues, we’d usually get the mortgage offer within two weeks.
How can a mortgage broker help here? Any final thoughts?
A mortgage broker is really helpful if you’re on a visa because we will know exactly which mortgage lenders will accept your visa type and their criteria. That saves you a lot of time, cuts out the guesswork and hopefully gets you a better interest rate.
We also help you prepare all your documents, check how much you can borrow and guide you through each step – so that the mortgage application goes smoothly.
Key Takeaways:
- Foreign nationals living in the UK on a visa can buy a house, as there are no restrictions on foreign nationals owning property.
- Lenders generally require a minimum personal deposit of 5% and are happy to lend around four to five times the applicant’s income.
- Many lenders, including high street names such as NatWest, Barclays, and Halifax, are willing to lend to first-time buyers on a visa.
- Even if you have bad credit, it is still possible to arrange a suitable mortgage, although a slightly higher deposit may be necessary.
- A mortgage broker is highly valuable because they know which lenders accept your specific visa type and criteria, which saves time, reduces guesswork, and may help secure a better interest rate.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.
As Seen In . . .
