Right time to take mortgage - before/after ILR

[imaheshbabu]

Hello All

I am currently holding Tier 1 General visa and eligible for ILR in Feb 2015. I am married and my wife is also working. We are planning to take mortgage in May 2014 with an initial deposit of 60K. I got mixed suggestions from my friends in taking mortgage before ILR. Some said that I would get better interest rate after securing ILR.

Confused

If anyone of you took mortgage before/after ILR, could you please post the details in below format for the benefit of others like me:

Bank:
Property Price :
Initial Deposit :
Mortgage Value:
Period(in years) :
Interest Rate :
other fees and costs :

Apologies if my post is irrelavant in this forum.

Thanks
Mahesh

[dandm]

It will probably be too late in May 2014 to get a mortgage if your visa expires in February 2015. The banks care about how much time is left on your Tier 1 visa. Usually they like 2 years, though some will accept 12 months, perhaps for a higher rate or with a larger deposit.

For your information, we got our mortgage 4 months ago.

Bank: Halifax
Property Price : £246,000
Initial Deposit : £49,000 (20%)
Mortgage Value: £197,000
Period(in years) : 25
Interest Rate : 3.2%
other fees and costs : approx £1000 application fee. Don't forget stamp duty and solicitors costs.

We were able to get loans from Halifax, Natwest or Nationwide. Halifax were the friendliest and easiest and offered up to 90% LTV, though we only wanted 80%. Nationwide required at least 25% deposit for Tier 1 holders.