Tier 1 Visa and buying property

[newbie_t]

Hi everyone,

Apologies if I am posting this query in the wrong forum, its not purely visa related.

I am currently on Tier 1 visa, eligible for ILR in October this year. Our landlord has decided to sell his property where we are living atm and we are interested to buy it. In fact, my mortgage broker has told me that one of the banks are willing to offer mortgage 4.69% on fixed rate for next three years if we can do a 15% deposit.

The question is, are there any cons if we buy a property while on tier 1 visa - will it make any difference on interest rates? BTW, I am a contractor working through my limited company.

Any advise would be highly appreciated.

Thanks,
Jay

[techie_09]

You can buy property in UK without any restrictions.

The one downside of buying it while on Tier 1 is you may not get much deals because some banks only provide mortgage to person with permanent residency.

regards

[ban.s]

based on my experience normally all major high street lenders lend mortgage to limited leave to remain visa holders.
certain building societies / smaller lenders are bit selective however there is no guarantee that one would get better rate there.

rate depends on various factors - % deposit, type of mortgage, type of deal, existing relationship with the lender etc.