Posted on 12 July 2016
My partner and I are looking to buy our first property, however he is from China and on a Tier 2 visa (approximately 18 months until he has leave to remain) and has been resident in the UK for over 3 years. Could he still get a mortgage with me? I am British with a good credit history. How much deposit will be needed?
Thank you for your question, via our ‘Ask the Expert’ section of our website.
It's a plus point that your partner has been in the UK for 3 years, as this means that there should be a credit history for lenders to check against, but without knowing more about your overall financial situation I can't say anything more definite.
It would be useful to know his income, occupation, and UK financial history as these factors will help to determine how best we can help you. I think we'll most likely be talking to a lender who will look at the case on its individual merits, rather than a computer based model, these type of lenders tend to have less underwriting flexibility, which I believe we will need.
You will find that each lender has their own requirements when it comes to assessing whether or not they will be happy to consider you. For example, one high street lender is happy to consider an mortgage application on standard criteria if one of the joint applicant’s has permanent rights to reside in the UK, whereas another maybe be happy to consider a loan of up to 90% of the value of your property with no minimum time in the UK.
It is certainly true that to have the biggest choice of lenders open to you it would be beneficial to have at least a 25% deposit, with a lesser deposit there may less lender choice and those that may consider an application such as yours could have less competitive products available to you .
I suggest that the next step would be to discuss your enquiry in more detail, if you would like to do this then please let me know and I'll arrange for one of our consultants to contact you.
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