Almas Uddin
Founder and Mortgage Advisor
17 Dec 2023
Foreign National Mortgages in the UK
Finding a mortgage as a foreign national can be complex, so you must get professional advice to ensure you secure the borrowing you need!
Revolution Brokers works with clients worldwide, ensuring you have the best chances of approval and expert guidance to negotiate the most competitive rates on the market.
Many online mortgage application forms claim to offer outstanding foreign national mortgages. However, the reality is that this is a specialist type of home loan, and current knowledge about eligibility and interest rates is critical.
Here we'll explore a little more about foreign national mortgage guidelines - for more advice and to start your application, get in touch at 0330 304 3040, or send us a message at [email protected].
How Can I Get a UK Foreign National Mortgage?
There is no reason you can't apply for a mortgage, whether or not you are a British citizen. Foreign national mortgages are the same as any other, except that they are available to non-citizens.
You might need this type of mortgage if:
- You don't have permanent residency status or are a non-UK resident.
- You were born outside of the UK but have permanent residency or indefinite leave to remain.
- You are an EU resident and don't have freedom of movement post-Brexit.
Lenders offering foreign national mortgages will typically look for two critical metrics when considering your application:
- The duration of your visa and how long you are permitted to remain in the UK.
- What sort of visa you have - some foreign national mortgage lenders only lend to specific visa routes, such as a spousal visa.
They'll also ask how long you have lived in the UK and whether you have been here or been working here for at least a year.
Foreign nationals applying for a UK mortgage have a better chance of approval with at least two years remaining on their visa at the point of application.
Am I Eligible Under the UK Foreign National Mortgage Guidelines?
Quite possibly! Mortgage providers are becoming more flexible with their criteria.
Revolution Brokers frequently works with professionals working in the UK who aren't citizens yet need a mortgage to settle down and purchase a home.
There are a few things you can do to support your application for a non-citizen mortgage:
- Open a UK bank account, and use it for regular transactions.
- Finding a permanent job or long-term placement.
Don't panic if you can't do either or prefer to make mortgage payments from an overseas account. There are always specialist foreign national mortgage lenders who are willing to negotiate on their terms!
Does My Visa Impact my Eligibility for a Foreign National Mortgage?
Yes, your visa is essential since it will directly impact the security of your mortgage and how long you're able to remain living in the UK.
Most mortgage applicants have one of three visas:
- A family visa, allowing spouses, relatives, children and parents to live in the UK.
- Work visas, either Tier 1 or Tier 2. These permit foreign nationals to work in Britain.
Are There UK Buy to Let Mortgages for Foreign Nationals?
Mortgage lenders can offer foreign national mortgages on buy to let properties and carry out a similar risk assessment.
If you are a long-term resident, you have better chances of approval of securing a buy to let mortgage for foreign nationals since you'll have more of a credit check to verify you meet the affordability requirements.
For non-residents looking for a foreign national buy to let mortgage, the process can be a little more complex since they live overseas.
However, Revolution Brokers can match applicants with lenders who will offer this type of mortgage with a minimum 20% deposit.
Those mortgage loans for foreign nationals accept a range of applicants, including non-residents who haven't owned a rental property before or are self-employed workers.
Mortgage lenders will look at the source of your deposit funds and need to verify your ID as well as running through anti-money laundering checks.
Can I Get a Foreign National Commercial Mortgage?
Indeed you can! As a UK foreign national specialist mortgage broker supporting international clients, Revolution often arranges business mortgages for overseas business people.
The application for a commercial mortgage is slightly different from a residential property. Still, we can steer you through the process and help you understand the mortgage rules for foreign nationals.
Will I Pay Higher Mortgage Rates on a Foreign National Mortgage UK?
Potentially, but the key to finding UK mortgages for foreign nationals is always to work with an independent broker who can signpost your application to those lenders with the most competitive foreign national mortgage rates.
By ensuring your application includes all the required information and mitigates any perceived risks, you have negotiating power to secure more attractive mortgage rates.
Lenders will consider mortgages for foreign nationals in London by looking at factors such as:
- Your credit history.
- How you earn your income.
- The value of the available deposit.
- What sort of property you wish to mortgage.
Expert Help with Foreign National Mortgage Loans
If you're stuck finding a foreign national mortgage with affordable rates, or have been declined by a mainstream UK bank, don't panic. We work with thousands of people looking for mortgages for foreign nationals buying in the UK.
Call the Revolution Brokers team to access a whole-of-market mortgage assessment to ensure you get the mortgage you need at the correct rates.
Get in touch on 0330 304 3040, or send us a message to [email protected].
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