With a huge number of people migrating to the UK for good – it is better to know some of the rules for applying for the mortgage as a foreign national.
Eligibility criteria to get mortgages for EU nationals
For EU people who have lived and worked in the UK for over 3 years – they are treated equally to UK citizens. The process would remain common for both British and EU nationals. Some of the major requirements for EU nationals or British people to get the mortgage in the UK are:
- You should be a UK resident for more than 3 years
- You should have a bank account in UK
- You should show a traceability credit history
- You should have a permanent job in UK
Eligibility criteria to get mortgages for non-EU nationals
For non-EU nationals, the process involves more verification evidence. Some of the basic requirements to get UK mortgages for foreign nationals are:
- You should be a UK resident for more than 3 years
- You should have a permanent job in UK
- You should have a UK Work Permit or residence rights in UK
- You should have a bank account in UK
- You should show a traceable credit history
- You should have access to 25% deposit on the total value of purchase price through your own savings.
Permanent Residence
Permanent residence is most preferred to only having a Work permit. However, most of the lenders provide mortgages based on the Work permit alone. It is important to reside in UK for over 3 years mainly – to show the credit traceability history and address verification so as to avoid problems in the future.
Enrol on Voter’s list
In many cases, non-EU nationals are not eligible to vote. Mortgage lenders usually do an extensive search on the Electoral register as a verification purpose. Hence, for this very reason, it is best advised for non-EU nationals to register to vote on Government website. This will definitely ensure smooth verification by mortgage lenders.
Things Self-employed foreigner should know
Most of the banks ask for an account history of over 3 years. This is to ensure that the business is successfully running for over 2 years at least. However, sometimes even a year proof should suffice. All these details are also used to ensure if you are consistently in the same field of business.
A non-EU married to a UK national
For a foreigner who has married a UK national and lived in UK for over 3 years, no such restriction is induced on the mortgage process. For cases, where the foreign spouse is not working, her husband can afford the deposit and the mortgage to ease the process.
UK citizens living abroad and who wish to buy a property in UK
Most of the mortgage officials do not prefer the bank account showing a different currency other than the Pound Sterling. However, with good assistance of a mortgage advisor, buying a property should not be a problem.
