With house prices in the UK averaging nearly £200,000, getting a mortgage has never been more difficult. In addition, immigrants into the UK, face additional hurdles in getting a mortgage because they may struggle to prove that they have a valid credit history and have a suitable deposit.
If you do immigrate into the UK these things can help you to get a mortgage.
Help for Immigrants in Getting a Mortgage
- Bring any evidence that might be able to prove your credit record. If you come from EU countries like Poland, France and Germany, Banks in theory should accept any tax returns as valid evidence. However, in practice they may have greater reluctance to accept the mortgage, especially if from the newer EU member states like Czech republic and Poland
- If English is not your first Language, make sure you have a friend or family member who is able to translate on your behalf.
- Lack of a deposit is a problem. Many immigrants do not have the luxury of bringing the kind of deposit necessary to get a UK mortgage. However, if you are able to save 10% of the mortgage value, your chances will be greater. However, there are 100% mortgages available, even though they usually have higher interest rates on them.
- House Prices too Expensive? If house prices are too expensive, consider moving to different parts of the country. Most immigrants settle around London and the South East. If you move further north you will find house prices become much more reasonable.
- Wait a Year. If you get turned down at first request don’t give up. It is possible to get an adverse mortgages, although the nature of the adverse mortgage industry is that they will be more expensive. If you wait a year, you will be able to prove your first year’s income and have a much greater chance of getting a mortgage approved.
- Get a Bank account first. Before trying to get a mortgage, it is essential that you sought yourself out with a bank account.
Factors that affect Chances of getting Mortgage
- If you are on a 2 year visa it is more difficult to prove you should be given a 25 year mortgage
- If you work for a blue chip company and earn a high salary your chances are much higher.
- Immigrants from America may have a better chance than non-native English speakers