Tier 2 Visa Mortgages

Can I get a mortgage as a foreign national on a tier 2 mortgage?

Yes, it’s possible, but it will likely be a more difficult process than for someone who’s lived in the UK their whole life, and the mainstream lenders will probably turn you down. But there are specialist lenders who can help. It’s important to work with a mortgage broker who has experience in this area and who’ll know exactly which mortgage lenders can help in these cases. That way, you’ll maximise your chance of success, and get the best interest rates available to you. 

Lenders have different lending criteria when it comes to Tier 2 Visa mortgages, but all lenders will take into account:

• How long is remaining on your visa

• What type of visa you have

• How long you have lived in the UK

The majority of lenders will need you to have lived in the UK for at least 12 months before being accepted for a mortgage. It can also improve your chances if you have at least two years remaining on your visa.

What is a Tier 2 Visa?

A Tier 2 Visa is the main UK visa route for skilled workers. 

That is, professionals who have a certificate of sponsorship from a UK employer who has a Tier 2 sponsorship license.

Someone who is in the UK on a Tier 2 Visa can have a typical length of stay for up to 5 years and 14 days (or, alternatively, this can be up to one month after the period stated on your certificate of sponsorship), and up to 6 years if extensions are added.

After this, a ‘new entrant’ can apply for Indefinite Leave to Remain.

What’s a foreign national mortgage?

A foreign national mortgage is the name given to home loans for someone who:

• Isn’t a UK resident, or doesn’t have permanent residency in the UK

• Was born outside of the EU 

• Has indefinite leave to remain or permanent residency

How do different types of visa affect getting a UK mortgage?

The type of visa you have affects your mortgage options. 

• Tier 1 or Tier 2 Work visas. Both Tier 1 and 2 visas make it easier to get a mortgage in the UK. You’re more likely to be successful the longer you have left on your visa. Most lenders will want you to have at least 1-2 years left because it gives them the confidence you’re able to stay in the country long enough to cover your mortgage payments.

• Family visa. Family visas are for people who are married and live with their spouse or blood relatives like a child or parent. You should be able to get a joint mortgage on this visa.

• EU citizen. Usually, an EU citizen can get the same lending options as a UK citizen.

Will all lenders consider a Tier 2 Visa applicant?

Unfortunately, not all mortgage lenders will consider an applicant on a Tier 2 visa. Many mainstream lenders either don’t deal with complex applications of this nature or their lending criteria is quite rigid, which limits the number of successful applicants.

However, there are specialist lenders who’ll consider your application and have competitive rates suited to foreign nationals looking to buy a property in the UK. These lenders won’t show up in your online searches - you’ll have to work with a specialist mortgage broker (like us!) to find them. Make an enquiry to speak to one of our Mortgage Experts.