cis-visa-mortgage

Is there a minimum remaining time required on my visa?

Mortgage lenders are happy to lend to CIS workers living in the UK on a visa. The minimum remaining time varies.

Some lenders have no minimum time remaining at all, whereas others may require six or even 12 months remaining on the visa. It will just depend on the lender and the client’s overall circumstances.

Are joint applications allowed if only one applicant is on a visa?

Yes, lenders are happy to give mortgages to CIS workers on a visa, either on a sole or a joint application. The second applicant could be on a visa or could be a permanent resident – that doesn’t particularly matter.

Do CIS visa mortgages come with higher interest rates?

CIS workers living in the UK on a visa can get a mortgage with high street interest rates.

The mortgage product they qualify for will depend on their other personal circumstances, such as how long they’ve lived in the UK, the length of time remaining on the visa, how long they’ve worked as a CIS contractor, and also the credit history.

How much can I borrow as a CIS worker on a visa?

Mortgage providers typically lend between four and seven times a client’s annual income.

This also applies to CIS workers living in the UK on a visa. The amount you can borrow will depend on your personal circumstances.

This includes whether you have any dependents and any outgoings, such as monthly loan payments or credit cards with an outstanding balance.

Once we’ve completed a full fact-find with you, we’d give you a formal mortgage recommendation confirming the maximum amount you can borrow.

Are there any special deals or fixed-rate options available for CIS workers on a visa?

CIS workers living in the UK on a visa may qualify for lenders’ exclusive products, including fixed-rate deals. The exact product you qualify for will depend on your overall circumstances, including your income, expenditure, visa details and credit history.

Once we’ve completed the fact-find, we’ll make enquiries and recommend the most suitable mortgage you qualify for.

How long does the application process take for a CIS visa mortgage? Are there any differences here?

From submitting the mortgage application to it being fully approved usually takes two to three weeks.

That’s actually in line with any other mortgage application. It might be slightly longer or it might even be faster. A lot depends on the mortgage lender’s service levels at any time.

Can I get a Decision in Principle or an Agreement in Principle before submitting documents?

Yes, we can arrange a Decision in Principle for CIS workers living in the UK on a visa. This would usually be after we’ve completed a full fact-find and provided a mortgage recommendation. It usually involves the mortgage lender carrying out a soft search credit check.

What are the most common reasons why a mortgage would be declined as a CIS contractor on a visa?

There are a few common reasons why a CIS contractor on a visa may have their application declined. It could be the length of time they’ve been living in the UK. If they’ve only lived here for one or two months, for example, that might be tricky.

A second common reason is the length of time they’ve been a CIS contractor. If they’ve only just gone into that line of work, that again could cause problems.

What can I do if I’m rejected by a high street lender? What happens next?

It’s not uncommon for high street mortgage lenders to reject a mortgage application from a CIS worker living in the UK on a visa.

But as mortgage brokers, we work with lots of different mortgage lenders across the market, including high street banks, building societies and specialist mortgage lenders. We would review your details and get a copy of your credit file. Based on that information, we’d recommend a suitable alternative mortgage you would qualify for.

How does being newly self-employed affect my chances if I’m on a visa?

The majority of mortgage lenders need an applicant to have a two-year track record of being self-employed to get a mortgage. However, some lenders are quite happy to lend to applicants who have been self-employed for at least one year.

For CIS contractors, this is slightly different, and the majority of lenders are happy with one year’s experience.

Should I use a mortgage broker? How can a broker help here?

Getting a mortgage as a CIS worker living in the UK on a visa can be quite complicated. Each mortgage lender has different rules, so I definitely recommend working with a specialist mortgage lender like JB Mortgages.

We recommend the most suitable mortgage lender available on the market for each client’s individual circumstances.

Key Takeaways:

• CIS workers living in the UK on a visa can generally secure mortgages at high street interest rates and may qualify for fixed-rate and exclusive deals.
• Mortgage providers typically lend between four and seven times a client’s annual income, which also applies to CIS workers, with the final amount depending on personal circumstances such as dependents and outgoings.
• The required minimum remaining time on a visa varies by lender, ranging from no minimum at all to 6 or 12 months, and most lenders are satisfied with a CIS contractor having at least one year’s experience.
• The application process typically takes two to three weeks to reach full approval, which is similar to other mortgage applications.
• It is highly recommended to use a mortgage broker, as they can navigate the varying rules of different lenders and recommend suitable alternatives if a high street lender rejects the application.
• Mortgages are widely available for CIS contractors on a visa, and most visa types are accepted.
• Lenders have varied criteria for assessing income; some treat applicants as self-employed requiring HMRC documents, while others treat them as employed and accept payslips and bank statements, often using gross income.
• Options may be available for applicants who have been contracting for less than 12 months, especially if they have previous experience in the same industry.
• The lowest deposit currently available is 5%, and gifted deposits are generally accepted if the giver is an immediate family member.
• You do not need indefinite leave to remain, and some lenders do not require you to have a minimum UK credit history to be eligible.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.