Homes for Ukraine Sponsorship Scheme
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Homes for Ukraine Sponsorship Scheme
Can I get a mortgage while hosting someone under the Homes for Ukraine scheme?
Yes – many lenders support this scheme, so it’s absolutely fine.
Do I need to inform my lender if I’m hosting someone under the scheme?
This varies. Some lenders do want you to inform them, while others don’t. We would give advice on that as part of the normal application process.
Will hosting affect my mortgage affordability assessment?
No, it shouldn’t make any difference at all. Usually you can just borrow the same amount that you would without the scheme.
Can hosting someone under the scheme allow me to get a larger mortgage or affect Loan to Value ratios?
The majority of lenders just allow this scheme under their standard criteria, so it wouldn’t affect the Loan to Value you can have. It wouldn’t mean you would get a larger or smaller mortgage – it would generally just be the same.
Are there special mortgage products or incentives for people hosting under Homes for Ukraine?
Lenders bring out new products every day, and this scheme has been out for a couple of years now.
As far as I’m aware, there are no specific products from lenders related to the Ukraine sponsorship scheme. So if you want a mortgage and you’re already hosting someone under the scheme, or you’re planning to, you just apply for the mortgage as normal.
Does the Homes for Ukraine scheme impact my ability to remortgage or refinance my property?
It shouldn’t, no. Many lenders are sympathetic to the scheme, so it should be fine.
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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.
What documentation do lenders require if I am hosting under the scheme?
Documents vary between lenders, and it depends on your personal circumstances as well. Generally we’ll give each client a personalised list of the documents they will need to provide.
Generically, it would be proof of ID, proof of income, and if you’re buying a house, you’ll need proof of deposit.
Could hosting under the scheme affect my credit rating or mortgage eligibility?
As long as you pay your mortgage and other bills on time, your credit should be fine. Many lenders are quite happy to give a mortgage to people hosting under the scheme.
How long does the hosting arrangement need to last for lenders to consider it in affordability calculations?
The income types that lenders accept and use for affordability calculations vary hugely from lender to lender.
If you want to know what you can borrow and what incomes will be accepted, it’s best to contact us directly – we’ll give you personalised advice in that area.
Are there risks to be aware of when applying for a mortgage while hosting under the Homes for Ukraine scheme?
The risks shouldn’t really be any different from any other mortgage.
How can a mortgage broker help here? Is there anything else we need to know?
We help people in all sorts of circumstances to get the right mortgage every day. The best thing to do is just get in touch with us – we’ll take all your details and give you personalised advice.
Key Takeaways:
- Many lenders support the Homes for Ukraine Sponsorship Scheme, so hosting someone under the scheme should not prevent you from getting a mortgage or remortgaging.
- Hosting should not affect your mortgage affordability assessment or Loan to Value (LTV) ratios; you can typically borrow the same amount as you would without the scheme.
- Currently, there are no specific mortgage products or incentives from lenders related to the Homes for Ukraine Sponsorship Scheme.
- The requirement to inform your lender about hosting varies, and personalised advice on this is recommended during the application process.
- Generic documents required include proof of ID, proof of income, and proof of deposit if you are buying a house, but a personalised list will be provided based on circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
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