The Clients:
The clients were a married couple who had recently moved back to the UK to reside full time. The first applicant was British born, with the other being a Foreign National on a visa to reside in the UK. They were looking to purchase a residential home for themselves and their family.
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The Scenario:
The clients owned a residential property in Canada which they sold before moving to the UK. They were both in full time employment, however as they had been out of the country for a long period of time, they had been working hard to build up a good credit score to support their application.
The Solution:
Being a whole-of-market Broker, we had the knowledge to know that some lenders would consider a Foreign National on the application with no restrictions if the first applicant was British.
The clients were looking at achieving 90% loan to value, which would not be possible with most lenders because of the status of the Foreign National. By using our expertise, we were however able to find a lender who would accept 90% loan to value and secured a formal Mortgage Offer within 2 weeks of submitting the full application.
Summary:
It is possible to get lending with no restrictions if you have a joint application with one British national and one Foreign National applying together.
Key things to consider:
- Some lenders will accept foreign nationals with a British national.
- Some lenders will consider no loan to value restrictions with this setup.
- Some lenders will allow lending in this scenario once you have been in employment for 6 months.
- Some lenders will a low credit score due to not having built up credit, if one applicant has a high credit score.
If you have any questions relating to Residential mortgages, contact us today to speak directly with one of our CeMAP certified Expat Mortgage Advisors. Call us today on 03330 166 600. Alternatively, please complete this short online form and one of our Advisors will call you right back.