Mortgage on a Spouse Visa
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Mortgage on a Spouse Visa
Sam Bull explains how the mortgage process works for applicants with a spousal visa.
What is a spouse visa?
A UK spouse visa allows foreign nationals to live in the UK with their husband or wife, as long as that spouse is a British citizen or has settled status in the UK. If that applies, you will be granted a spouse visa for two and a half years.
Can someone in the UK on a spouse visa get a mortgage? How do I know if I’m eligible to apply for a mortgage on a spouse visa?
Yes, mortgage lenders are happy to offer mortgages to applicants on a spouse visa, as it’s a long-term visa that allows applicants to work.
Eligibility varies between mortgage lenders, but they will typically want to know how many years you have lived in the UK, how long is left on the current visa, and whether you are applying for a mortgage jointly with a British citizen.
Mortgage lenders will also want to know what salary you’re on. They may be more comfortable lending to applicants on a spouse visa if their salary is more than £50,000.
Lenders will also want to know how much deposit you have for the purchase.
Are there any restrictions on property types when purchasing with a spouse visa?
There are no restrictions on properties that a foreign national can buy when living in the UK on a spousal visa.
Can I get a joint UK mortgage if one applicant has a spousal visa?
Yes, mortgage lenders are happy to offer joint mortgages when one of the applicants has a spouse visa. Both applicants will need to fit the mortgage lender’s eligibility criteria.
However, if the joint applicant is British, this would be a very straightforward mortgage application with most lenders.
Can I get a sole applicant’s mortgage if my partner has a spouse visa?
Yes, you can. Mortgage lenders will carry out their usual eligibility checks based on when you moved to the UK, the type of visa you’re on, and how much is left on it.
However, some mortgage lenders insist that married applicants apply for a mortgage in joint names. It’s always worth working with a broker who has experience with these types of visa mortgage applications to avoid those sorts of issues.
How much can I borrow with a spouse visa?
Mortgage lenders typically lend between four and five times an applicant’s salary. The same lending limit applies to applicants on a spouse visa.
The amount you can borrow will also depend on whether you have any dependent children, and also on your outgoings – such as credit card balances, personal loans, or car finance.
Depending on the client’s income and expenditure, some mortgage lenders will lend slightly more, some slightly less. Between 4.5 and 5.5 times your salary gives you a good guide.
How much deposit is needed for a spouse visa mortgage?
Foreign nationals on a spouse visa would need a minimum of a 5% deposit to buy a house in the UK, although it will depend on their personal circumstances. Potentially, a 10% or even higher deposit may be needed. It can vary depending on how long you’ve lived in the UK and how long is left on the visa.
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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 if I have bad credit? Can I still get a mortgage on a spouse visa?
If you’re living in the UK on a spouse visa and have bad credit, there are still mortgage options available. As a mortgage broker, the first thing we would do is request a copy of your credit report to view the extent of the bad credit.
Then we’d be able to recommend a suitable mortgage. Typically, you might pay slightly more interest and may need a slightly higher deposit. Again, this will all be down to the client’s individual circumstances.
Can I get a Buy-to-Let mortgage if I have a spouse visa?
Yes, you can get a Buy-to-Let mortgage on a spouse visa, albeit it will depend on how long you’ve lived in the UK and how long is left on your current visa.
Typically, Buy-to-Let mortgage lenders would want an applicant to have a 25% deposit and a minimum personal income of £25,000.
How does remortgaging work on a spouse visa?
Remortgaging on a spouse visa works very similarly to a purchase application. It’ll be the same eligibility criteria around how long you’ve lived in the UK and how much is left on the visa.
The main difference is the deposit, which is the equity in your property. The mortgage lender will carry out a valuation to determine that.
How can I improve my chances of obtaining a mortgage with a spouse visa? Any top tips?
Lenders like to see consistent earnings and a good credit report, ideally, with no missed payments on any commitments such as loans or credit cards.
The length of time remaining on a spouse visa can affect what’s available to you. If you can renew your visa as early as possible to get another two and a half years, it will certainly open up more options.
How can a mortgage broker help here? Is there anything else we need to know?
If you’re a foreign national living in the UK on a spouse visa and are looking to get a mortgage, I would recommend working with a broker who has experience in these types of mortgages. We’ll be able to source the most suitable product on the market.
We’ll advise you how much you can borrow, what deposit you’ll need, what the terms are, and complete all the paperwork on your behalf. Working with a good broker would avoid any issues in getting you a mortgage.
Key Takeaways:
- Mortgage lenders are willing to offer mortgages to applicants on a spouse visa, as it is a long-term visa that permits work. Eligibility checks focus on how many years the applicant has lived in the UK, the time left on the current visa, the deposit amount, and salary (lenders prefer a salary of more than £50,000).
- Applicants on a spouse visa can typically borrow between four and five times their salary, with a guide range of 4.5 to 5.5 times their salary, which is similar to other applicants.
- A foreign national on a spouse visa requires a minimum of a 5% deposit to purchase a house in the UK, although a 10% or higher deposit may be necessary depending on personal circumstances and the length of time remaining on the visa.
- Applicants can apply for a mortgage as a sole applicant or jointly, and a joint application is most straightforward when the other applicant is a British citizen. There are no restrictions on the types of properties a foreign national on a spouse visa can purchase.
- To improve the chances of obtaining a mortgage, applicants should show consistent earnings, maintain a good credit report, and renew their visa as early as possible to maximise the remaining time. Working with a broker who has experience with these types of visa mortgage applications is recommended.
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.
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