Mortgage - 3 years required on visa?

goldfish · Post by **goldfish** » Thu Feb 14, 2008 4:59 pm

I'm investigating the options for getting a mortgage. Several banks have told me I can only get one with 3 years or more on my visa (HSMP).

Even if I apply for extension early, they are only for 3 years. So by the time I am notified of the extension, there will be less than 3 years remaining.

They also said I can get a letter from the Home Office stating that I will get ILR at the end of my current visa (which I will). However, I don't know how successful I am likely to be getting something like that from the HO!

Has anyone got a letter like from the HO/BIA? And if so how?

Has anyone got a 3+ year extension so they can get a mortgage?

Are there other options available?

I've seen some older posts on the board but they are pre-credit crunch so rules are likely to have tightened since then.

SYH · Post by **SYH** » Thu Feb 14, 2008 5:01 pm

goldfish wrote:I'm investigating the options for getting a mortgage. Several banks have told me I can only get one with 3 years or more on my visa (HSMP).

Even if I apply for extension early, they are only for 3 years. So by the time I am notified of the extension, there will be less than 3 years remaining.

They also said I can get a letter from the Home Office stating that I will get ILR at the end of my current visa (which I will). However, I don't know how successful I am likely to be getting something like that from the HO!

Has anyone got a letter like from the HO/BIA? And if so how?

Has anyone got a 3+ year extension so they can get a mortgage?

Are there other options available?

I've seen some older posts on the board but they are pre-credit crunch so rules are likely to have tightened since then.

The HO is not going to write you a letter so you can forget that.

I havent heard others being denied mortgages, usually you get a better rate if you have visas for a long period of time.
Have you considered trying other lenders and telling them stuff it.

goldfish · Post by **goldfish** » Thu Feb 14, 2008 5:05 pm

I have contacted 4 banks so far. Only HSBC will give me a mortgage (even they are still confirming the visa question) but their mortgage products don't include offsets. Two of the others won't lend at all. The third says 25% deposit or 3 years on visa...

I know a few ppl who have gone through brokers but I would like to avoid that if I can. I know type of mortgage I want and how to put an application together so don't want to pay them Â£Â£Â£ unless I have to.

SYH · Post by **SYH** » Thu Feb 14, 2008 5:09 pm

goldfish wrote:I have contacted 4 banks so far. Only HSBC will give me a mortgage (even they are still confirming the visa question) but their mortgage products don't include offsets. Two of the others won't lend at all. The third says 25% deposit or 3 years on visa...

I know a few ppl who have gone through brokers but I would like to avoid that if I can. I know type of mortgage I want and how to put an application together so don't want to pay them Â£Â£Â£ unless I have to.

So you are options are limited but you are not getting any letter from the ho

VictoriaS · Post by **VictoriaS** » Thu Feb 14, 2008 5:09 pm

You are going to have to look around for a different lender, or go through a broker. It's your only choice, as you won't get a letter like that from the Home Office.

Victoria

OFCHARITY · Post by **OFCHARITY** » Thu Feb 14, 2008 5:42 pm

Â£250 for a broker is money well spent as they often can arrange deals with banks which would turn you away if you showed up in their offices on your own. Reputable brokers won't charge you until you have actually completed your house purchase.

EdgeHillMole · Post by **EdgeHillMole** » Thu Feb 14, 2008 6:22 pm

I agree with finding a broker. Well worth the extra money. Make sure the broker has previous experience helping foreign nationals.

goldfish · Post by **goldfish** » Fri Feb 15, 2008 10:49 am

Bleh. Broker it is then.

Siggi · Post by **Siggi** » Fri Feb 15, 2008 12:35 pm

Goldfish,
I had the similar problem, when applying for a mortgage.The broker I used at the time said that unless you had ILR or a 25% deposit no lender will touch you.
Good luck with either finding the 25% or your ILR

gadgets · Post by **gadgets** » Fri Feb 15, 2008 12:42 pm

I used a broker and was able to get a mortgage from halifax. Definitely made it painless.

rg1 · Post by **rg1** » Fri Feb 15, 2008 1:31 pm

The broker I used at the time said that unless you had ILR or a 25% deposit no lender will touch you

Time to change your broker

I'm on WP [3 yr LTR] with 10% deposit.
Following banks are ready to give me mortgage- HSBC, Natwest, Ing Direct and many more.

The banks which refused me are - Britannia, Yorkshire

Yes, it's true that lenders often require at least 2 yr LTR on your passport.

If you are earning well, most bank really don't care about ILR.

Don't depend on your mortgage broker - go and speak with banks personally!

mayaavi · Post by **mayaavi** » Fri Feb 15, 2008 2:06 pm

We had our Mortgage sanctioned from HSBC, ofcourse many other banks did say ILR was required. HSBC was no problem, went and spoke to them in person, both me and my partners salary is credited to HSBC, so they had no hesitation.

My WP was due to be renewed in 18 months, when I approached them.

HTH

timefactor · Post by **timefactor** » Mon Feb 18, 2008 12:01 pm

I never paid any commission to brokers for arranging loans (banks do!), but always got the best product filtered by them!

RAJ2007 · Post by **RAJ2007** » Mon Feb 18, 2008 2:56 pm

Hello Goldfish,

You don't require 3yrs visa in order to get mortgage. The only thing required is that you have a visa. My suggestion would be until you have ILR don't go directly to High Street Banks. Go to a broker and they will provide mortgage for you from banks like standard life, halifax, alliance leceister. But don't go to this bank directly then you will not get it.

rg1 · Post by **rg1** » Tue Feb 19, 2008 1:02 pm

RAJ2007 wrote:Hello Goldfish,
Go to a broker and they will provide mortgage for you from banks like standard life, halifax, alliance leceister. But don't go to this bank directly then you will not get it.

If you can't get mortgage from banks yourself but a broker does it for you, there is high probablity that broker lied about your income etc. to secure a mortgage for you.

RAJ2007 · Post by **RAJ2007** » Tue Feb 19, 2008 3:21 pm

Sorry RG1 we are not taking about income. What I am saying that most high street banks does not give mortgage directly unless you have got ILR.
But if you go through a broker then it is possible.

I would advice read my message properly before commenting on it.

vinay shanthi · Post by **vinay shanthi** » Tue Mar 04, 2008 3:27 pm

you do get mortgages if you dont have 3y. i know hsbc does and i think natwest does as well. i know others who were refused loans for having just more than 1y of hsmp left. but the same person tried their luck in the same bank via their online bank account and was approved for the loan. asking for a loan from a bank where salary is paid in, increases your chances i feel. also if refused in one bank, dont rush to another bank the same day, its something to do with how they assess your credit worthiness, repeated attempts on same day or close together i heard flags up as suspicious and hence liable for rejection. so chances better if your applications are spread out a bit if refused at one bank.

Markie · Post by **Markie** » Tue Mar 04, 2008 4:45 pm

On hindsight, high street banks in general do not offer mortgages to non-EEA nationals...that's a fact and they do check your credit worthiness as well (at least 3 yrs). Every credit check has an imprint on your credit worthiness so be careful having so many checks in a short span of time as this may lead to refusal.

But if you discuss with your circumstances with a broker and do tell them which banks had refused you previously and they will try to fit in your wants against the banks demands in securing a mortgage for you.

Got burned with a previous broker once. Tried going to high street bank straight and they gave us an mortgage offer. As a counter check, we used another broker and she gave the same result (any way the service was free.)

RAJ2007 wrote:Sorry RG1 we are not taking about income. What I am saying that most high street banks does not give mortgage directly unless you have got ILR.
But if you go through a broker then it is possible.

I would advice read my message properly before commenting on it.

vinay shanthi · Post by **vinay shanthi** » Tue Mar 04, 2008 4:57 pm

majority of the people i know are non EU and many of them have got mortgages. even i have been offred loans / mortages from high street banks even when i didnt have 3y visa. ofcourse i was always willing to pay a deposit of atleast 10% even before they asked for it, so maybe that influenced the decisions for mortgage approvals. i know of people (non eu) who in the last couple of months got mortgages approved and didnt have 3y visas left. and none of the people i know who got mortgages had ILR

anyone having problems getting loans etc should check their credit report to see what the problems are and get it sorted, it only takes 2Â£ if you send in postal requests for your credit report for any of the 3 main credit report agencies

mansawant · Post by **mansawant** » Tue Mar 04, 2008 9:24 pm

Hi,

I have still 3 years remainging on my Leave to remain period. I went Natwest and Barclays bank but they offer me mortgage only if I am having 25% of the property value as I don't have ILR. But HSBC, Halifax, Nationwide are ready to give me mortgage.

Thanks & Regards,
Mansawant

jannahjewel · Post by **jannahjewel** » Wed Mar 05, 2008 12:19 am

Hi, my husband doesn't have any form of leave to remain although he does work full-time (legally I might add)

We used the mortage broker (free) who worked for the estate agency who were selling the house we bought, and he advised us that Northern Rock and BM Solutions (Birmingham and Midshires) lend to people who don't have perm. leave to remain. Although Northern Rock might well have tightened up a bit now! Worth a try though. We got our joint mortgage May 2007.

Thanks

ghent · Post by **ghent** » Wed Mar 05, 2008 10:26 am

i wanted to say that i used a broker and got my mortage with halifax, 5% down payment...but i never got the impression that my nationality or visa status was ever an issue.
they made a copy of my passport and my FLR but that's it...never asked me a single question about it...just lucky i guess!
good luck to all the rest of you!

goldfish · Post by **goldfish** » Thu Mar 06, 2008 10:17 am

Thanks all. With *more* rule changes on the way and lack of value placed on immigrants by HO/BIA, I'm rethinking whether I want to make a commitment like buying a house. Not sure whether there is a future for me here...

scotboy82 · Post by **scotboy82** » Tue Apr 22, 2008 5:49 pm

Just found this post on search.

My wife who has been in country for five years is on fresh talent in scotland visa until July 2009. I am a UK national we will then get the two year spousal visa.

Bradford and Bingley are another one to add to the list that won't lend to people who have less than 2 years on visa. Bradford and Bingley can't see common sense tried to explain that she wasn't planning on running off anywhere!! We also offered a 25% deposit and only want a mortgage less than 3x our joint income but they just said they wouldn't even consider us! Maybe shows how reluctant banks are to lend in current credit crunch climate.

We had a mortgage arranged with Bristol and West and they were fine and gave us a mortgage no problem but unfortunately their rates have now shot up. Speaking to HSBC tomorrow really hope they give us a mortgage as we have had an offer accepted on a house we really like.

mansawant · Post by **mansawant** » Tue Apr 22, 2008 8:53 pm

Hi,

Luckily I got the mortgage approval before this credit crunch from HSBC though I am a first time buyer. I got 5.46% fixed for 2 years with 10% deposit. I have 3 years remaining on my visa. I went to Nationwide and I was told that I need 15% deposit. Alliance and Leicester refused me. Natwest and Barclays want 20% deposit and Abbey 25%. Only HSBC and Halifax were ready to give me mortgage. But I chose HSBC as at that time they were having the better deal than Halifax. These problem I faced due to my only visa status. I have to wait till August 2009 for my PR if HO do not change the rules again.

Thanks & Regards,
Mansawant

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