Head of Content
Mortgage Advisor & Director
Tier 2 Visa Mortgages
Applying for a mortgage as a foreign national can be complicated and difficult to understand. Our clients with a Tier 2 Visa have specialised requirements that need to be met in order for them to secure the best mortgage deal.
With many years of experience, we understand how important it is to find the right mortgage provider who will understand your individual circumstances, and we are here to help you with that.
As a whole of market mortgage broker, we have access to a wide range of mortgage lenders who specialise in offering mortgages to foreign nationals, including those on Tier 2 Visas. We can advise you on the best deal available for you, taking into account income requirements, deposit levels and credit history.
At Teito, we make sure you get the best advice and service available to ensure that your mortgage application process is as efficient and stress-free as possible. We are dedicated to finding you a suitable deal, no matter your circumstances.
So if you’re looking for a Tier 2 Visa Mortgage, contact us today and let our experienced team of experts help.
What is a Tier 2 Visa?
A Tier 2 Visa is a type of work visa issued by the UK government which allows foreign nationals to work in the UK for a specified period.
This type of visa typically requires an employer to sponsor the applicant and for them to have a certain level of income. This is a points-based system, so applicants must meet the necessary criteria in order to qualify.
Can I get a mortgage on a Tier 2 Visa?
Yes, it is possible to get a mortgage on a Tier 2 Visa. However, not all lenders will accept applications from foreign nationals with this visa, but the good news is that there are specialist lenders who will accept these applications.
As with any mortgage application, mortgage lenders will want reassurance that you can afford to make your monthly repayments. This means that they will look at the amount of income you have, as well as any other financial commitments such as credit card debt.
As a foreign national applying for a skilled worker visa mortgage, there are a few common challenges that you may encounter:
Your credit history is likely to be based outside of the UK, which may make it difficult for lenders to assess your creditworthiness. This is because your credit report is not shared between countries.
Deposit requirements can be stricter for foreign nationals, as mortgage lenders may require a larger deposit for this type of visa. As a foreign national you may also struggle to prove that you have access to the funds if they are in an overseas bank account and/or in a different currency.
Your income may also be considered differently, as mortgage lenders may need more evidence of your earnings and proof that they are sustainable and reliable. Most lenders like to see an income from inside of the UK for their skilled worker visa mortgage applications.
These challenges can make applying for a Tier 2 Visa mortgage difficult, but this is where we come in. We have access to specialist lenders who offer mortgages for people with this type of visa, and our experienced team will work hard to find you the best deal possible.
Can I get a UK mortgage on a work visa?
Yes, it is possible to get a mortgage on certain types of work visa. As with any mortgage application, the lender will look at the amount of income you have, as well as any other financial commitments.
The most common type of work visa in the UK is the Tier 2 Visa, which allows foreign nationals to work in the UK for a specified period. This type of visa typically requires an employer to sponsor the applicant and for them to have a certain level of income.
Eligibility for foreign national mortgages
The lending criteria for Tier 2 visa mortgages can vary from lender to lender, but typically most lenders will look for:
A long-term visa arrangement, ie, a work visa rather than a student visa.
A reasonable amount of time left on your Tier 2 visa, which can indicate your intentions to remain in the UK.
Evidence that you've been working in the UK for a reasonable amount of time, between 1-5 years.
Proof of income, ideally from a UK source.
Depending on the individual lender and your personal circumstances, lenders may expect a larger deposit or offer a lower Loan to Value (LTV) when it comes to approving a Tier 2 visa mortgage application.
At Teito, we understand the unique challenges that foreign nationals face when applying for a mortgage in the UK.
That’s why we have access to lenders who offer mortgages for people with this type of visa, and our experienced team will work hard to find you the best deal possible. Contact us today to see how we can help.
Can I get a UK mortgage on a spousal visa?
There is no reason why someone with a spousal visa cannot apply for a mortgage in the UK, and they are treated on a similar basis to those on a Tier 1 or Tier 2 visa.
Lenders will assess the application in the same way, looking at income and other financial commitments as they would with any other mortgage application. They may also ask for additional evidence to prove your visa status and the duration of your stay in the UK.
Can I get a Tier 2 visa mortgage with a bad credit history?
Having a poor credit history is a fairly common issue when applying for a Tier 2 visa mortgage, as credit histories are not shared between countries.
For this reason, lenders often ask for a minimum of 2 years of history of living in the UK, which will help to build the applicant's credit history. It's also important to demonstrate that you have a reliable source of income and can afford the mortgage payments in order to be accepted.
Here are a few tips that can help improve your chances of being approved for a Tier 2 visa mortgage with bad credit:
Make sure all bills and payments are up to date
Check your credit file and dispute any errors or discrepancies
Register on the electoral roll at your current address
Consider taking out a small loan or credit card and making regular payments over a period of time.
At Teito, we understand the difficulties that those with bad credit can face when applying for a mortgage, and we’re here to help.
Speak to an expert
We've helped many people on a Tier 2 visa to get the best deal on their mortgage.
We understand that this is a complex process and are here to provide you with guidance every step of the way. Whether it's helping you identify the right lender or providing advice on your immigration status, our team of experienced professionals can help.
So why not contact us today to get started? With our expert knowledge and personalised approach, we'll make sure you get the mortgage deal that's right for you.
We look forward to hearing from you soon!
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
