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I'm on a visa, working on a contract basis, but own my own home outright. Do I have to wait untill I've a permanent job and permanent residence visa or can I do a Let to Buy now?

Posted on 12 November 2013 by Anqi


I am looking for a new house worth between £450,000 to £550,000. I have cash of £300,000 now (family contribution). Thus I probably need a mortgage between £150,000 to £250,000. I purchased my current house for £330,000 in November 2010 (owned outright). I need to release 45% - 76% equity of mycurrent house (maybe less if considering the rise of the value of the house over the last three years). I would like to secure the loan only on the house and the rental income. Because I am now working on a contract job untill April 2014 and looking to find a permanent job next year. Also I do not have permanent residence now but will apply for it August next year. Am I eligible to apply the let-to-buy mortgate? Or do I have to wait untill I have a permanent job and the permanent residence visa? Thanks a lot!

Anqi,

Whilst this isn't necessarily the easiest case to place, the fact that the loan to value is very low will certainly help. It would be useful to know how long you have been in the UK, what your income is from the contract, and what the estimated rental income will be, as these factors will help to determine how best we can help you. I think we'll most likely be taking to a lender who can look at the case on its individual merits, rather than a computer based one, as they aren't likely to have the underwriting flexibility we'll need.

If you'd like to get a better idea of your exact options, then please let me know and I'll arrange for you to speak to one of our consultants who can go through them with you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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