The length of time that your partner has been living in the UK, and the amount of time remaining on their visa can provide issues when applying for a mortgage. However, there are specialist lenders who will look at your application, and specialist support to help you get approved.
How can I obtain a mortgage if my partner has a spousal visa?
Obtaining a mortgage if your partner is on a spousal visa works in a similar way to a normal mortgage. Your application will depend on how much you are looking to borrow, your credit score, your affordability and whether you are looking to buy an investment or personal property. On top of these existing factors, lenders will look at how long you have been in the UK, or intend to stay in the UK and how long you have left on your visa until its expiry.
Each lender will have different criteria, so it’s important to carefully prepare your application with the help of a mortgage adviser to give yourself the best chance of obtaining a mortgage.
How can I improve my chances of obtaining a mortgage?
Generally, if you can establish a credit history as soon as you move to the UK, and maintain an address history, usually by opening two bank accounts which establishes two separate forms of proof of address, then you will stand yourself in good stead when it comes to applying for a mortgage. Of course, you can also provide a larger deposit, which reduces the loan-to-value and also reduces the risk to the lender. A typical deposit is 10%, with a maximum of 90% loan-to-value, but the more deposit you can put down, the better.
It’s also handy to have at least a year remaining on your visa. Below this, all the standard guidelines apply. You should not apply for credit in the lead up to applying for a mortgage, you ideally would have no CCJs or IVAs present in your recent credit history and you should prepare your application and the supporting documents with the help of a mortgage adviser in order to make the application process as smooth as possible.
For advice on getting a mortgage for a spousal visa holder, speak to one of our advisors, who will be able to help you with the next steps.