Get in touch for a free initial chat – we’d love to help!
Get in touch
Are you considering buying a home but are struggling to obtain a mortgage while on a Tier 2 Visa?
You’re not alone.
The good news is that it is doable, but there are a few factors you should take into account before submitting an application if you’re a Tier 2 Visa holder.
A Tier 2 Visa mortgage isn’t a specific mortgage product, but criteria is generally different when it comes to getting a mortgage for Tier 2 Visa holders.
Firstly, let’s clarify what a Tier 2 Visa is.
A Tier 2 Visa, which has now been replaced by the Skilled Worker Visa, enables people to work and live in the UK in a skilled occupation.
The Government website explains that, to qualify for a Skilled Worker Visa, you must:
After living in the UK for 5 years, you may be eligible to apply for settled status/indefinite leave to remain.
Many mortgage lenders may consider Tier 2 Visa holders as higher risk borrowers, due to having temporary status in the UK.
This creates difficulty getting a mortgage as a Tier 2 Visa holder.
To reduce this risk, there are two areas in particular that lenders will be looking at:
It’s common for lenders to need a certain amount of continuous residency in the UK, for example 3 years, along with a certain amount of time remaining on your current Visa.
Some lenders may require a larger deposit, for example 25%.
There’s also some lenders who will not consider the case at all without indefinite leave to remain.
However, some lenders have more flexible criteria than others, which is where a mortgage broker can be a real benefit.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
There are a few things you can do to increase your chances of being approved for a mortgage as a Tier 2 Visa holder. These include:
Having a good credit history of managing your finances responsibly. This may include paying your bills on time and not having too much debt.
A common struggle, particularly if you haven’t been in the UK for long, is not having enough credit history.
As mentioned earlier, having a larger deposit may make you a more attractive borrower to lenders.
It’s common for lenders to apply higher minimum deposit requirements, for example 25%, so saving for a larger deposit can help improve your chances of approval.
Overall, obtaining a Tier 2 Visa mortgage is achievable, even if it might be trickier than it would be for a permanent resident.
If you’ve been declined by one lender please do not lose hope. There’s many lenders out there and they have different criteria.
It’s worth speaking with a mortgage broker you trust to help you through the process.
We focus on building long-lasting relationships with clients.
We therefore charge a reduced fee for our existing client remortgages.
Click here for more detail.
Access your credit report
As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
We typically charge a fee for our services, which is dependent on the amount of administration required. Please refer to our terms of business for further information.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The purpose of any content on this site is to provide technical and generic information and should not be interpreted as a personal recommendation or advice.
We aim to provide the best possible service to our clients. However, if you have a complaint that we’re unable to resolve, please see our complaints policy.
Rose Hill Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Services Register https://register.fca.org.uk/ under reference 912303. Registered office address: 1 Bell Street, 2nd Floor, London, England, NW1 5BY. Registered in England and Wales. Company registration no: 11997519.
The content on this site is for information purposes only and does not constitute advice. Please seek independent financial advice before taking any action. We cannot be held responsible for the content of any external websites we link to within the content on our website.
We receive a small commission if you use our affiliate link with Checkmyfile. Rosehill Financial Services is not responsible for the accuracy of the information contained within the linked site. Checkmyfile provides a 30-day free trial and then the subscription is £14.99 a month thereafter. The trial or the subscription can be cancelled at any time.
