Some imp Questions - will help all TIER 1 VISA holders.

[coolsats]

Hi Everybody,

I am starting this thread to collect and share information on buying property and getting loans in Uk.
To begin with, I am posing some questions which the members can answer and will be a good start.

1) Getting married and finally decided to move out of my uncle's place. During the house search found minimum £1000 rent for a decent house. So, though of buying and paying a mortgage instead of rent. Am I correct in doing so, what do you guys say. Has anybody done something like this before.

2) Can a Tier 1 buy any property, if willing and affordable within UK?

3) Shoud I wait until I get ILR, cos maybe tomorrow if i dont get extension then what abt the money I already invested in buying the house. My visa is due for extension in August 2012

4) Will a Tier 1 person get any kind of fiancial assistance within UK for buying it?

5) To get a loan to purchase a property in UK, how long one should have been living and working in UK?

6) Any other criterion to be fulfilled to get a property loan (Home loan)?

Any additional suggestions are very well welcome and will definitely help someone.

Thanks..

[mtuckersa]

Hi Everybody,

I am starting this thread to collect and share information on buying property and getting loans in Uk.
To begin with, I am posing some questions which the members can answer and will be a good start.

1) Getting married and finally decided to move out of my uncle's place. During the house search found minimum £1000 rent for a decent house. So, though of buying and paying a mortgage instead of rent. Am I correct in doing so, what do you guys say. Has anybody done something like this before. Yes you can, you could also just go for an 'interest only' mortgage. This will work out cheaper, but again if house devalues and you in negative equity and have to sell you may be worse off than renting

2) Can a Tier 1 buy any property, if willing and affordable within UK,? Yes they can but the banks normally want you to have at least 1 year left on your visa, preferably 2 years. You will be credit checked, if you have the money for a smaller loan to value ratio(LTV) you will be more likely to get loan as obviously the bank has your deposit. a 90% LTV may be difficult on a Tier 1 visa with short credit history.

3) Shoud I wait until I get ILR, cos maybe tomorrow if i dont get extension then what abt the money I already invested in buying the house. My visa is due for extension in August 2012 . No you dont have to wait, if you have to leave country thats fine you can still own UK property from abroad.

4) Will a Tier 1 person get any kind of fiancial assistance within UK for buying it? I highly doubt it

5) To get a loan to purchase a property in UK, how long one should have been living and working in UK? See Q2

6) Any other criterion to be fulfilled to get a property loan (Home loan)? The banks do the usual credit checks.

Any additional suggestions are very well welcome and will definitely help someone.

Thanks..