Since the recession, many UK banks and building societies have become increasingly hesitant in offering foreign national mortgages, with loans being capped at £500,000 and applicants being rejected due to the risk aversion levels surrounding high street lenders.
And with your circumstances varying from the next foreign national, including nationality, income and expenditure, lenders are very careful about how they assess an applicant’s affordability.
However, it is still possible through specialist lenders, as long as your broker knows where to find them.
If you have an EU passport, you should find it a little easier to complete your foreign national mortgage application, but those outside of the European Union will have to provide certain documentation at the application stage.
To be considered for a mortgage, you will need to have been a resident in the UK for more than two years, have a permanent job in the UK along with permanent residence rights or a work permit and a UK bank account.
Generally speaking, a UK work permit or visa with open-ended permission to live in the country is mandatory to get your foreign national mortgage approved.
You will also find yourself being presented with better rates and a higher approval chance if you’ve lived in the UK before, or if you have funds in a UK bank account.
It can still be difficult to get a mortgage if you’re a foreign national, even if you’ve got the correct documentation, which is why it’s imperative that you speak to a mortgage adviser.
To find out how you could get a mortgage if you’re a foreign national, contact one of our expert advisers and they will be able to walk you through your next steps.