Do you need a foreign national mortgage?

If you are from abroad and buying in the UK and require a mortgage, then how much you can borrow will depend on your individual circumstances. The factors involved are much the same as those that apply when a UK national goes for a mortgage, but with added complications. There will be a few more things to take into consideration.

The main extra questions to ask here are - do you have a visa to work in the uk, what type of visa and what rights it gives you and how long is left until it expires?

If you are from another European Union country, such as Spain, Italy or Germany, then you will not need a visa and therefore applying for a mortgage should be a little easier. However, if you are from outside the EU, things may get a little more complicated. The good news is that while finding a mortgage can be more difficult depending on your visa status, you should not have to pay a higher interest rate on the home loan. The issue for most foreign nationals looking for a UK mortgage is the time in the UK and the build up of their credit score. The vast majority of UK lenders use automated scoring systems and whilst a foreign national may meet the criteria of the few lenders who offer these type of mortgages, they may not meet the rigorous credit scoring. Foreign national clients can benefit from a more holistic underwriting process often offered by the building societies. They can assess the situation, the individual circumstances and can usually take a discretionary view on the strength of the case, despite the credit score.

If you would like more advice about foreign nationals getting a UK mortgage, contact Capital Fortune on 0845 3630 430 or visit www.capitalfortune.com.