Residential Purchase – Part Foreign National

The Client

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.

History

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.

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The Resolution

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.

To know more and speak to one of our Residential Mortgage Experts, you can also fill in this short online form to get started. Our team of Residential Mortgage Experts will get back to you straight away.