Our specialist knowledge of foreign national mortgages helped our client buy a home for his family even when he had been told it was impossible.
About the client
Rohit is an Indian national who, at the time, had been living in the UK for 9 months and was working as a doctor for the NHS on a tier 2 skilled work VISA. He wanted to get a mortgage on a home so that he and his family could put down roots in the UK.
Rohit had an offer accepted on a property for £400,000, had a 5% deposit available, and so needed to secure a 95% LTV mortgage.
Rohit was struggling to find a mortgage due to a combination of the high loan-to-value and the fact that he had only been living in the UK for nine months on a work visa.
It’s common for mortgage lenders to ask for larger deposits from non-UK nationals who do not have permanent residency or settled status, even when they are performing a vital service as Rohit was. Many lenders require a minimum 25% deposit in this scenario and often insist on borrowers living in the UK for 2 – 3 years as a minimum.
Rohit had approached other mortgage brokers and was advised that it was not possible to get a mortgage right away and that he should either save for a larger deposit or wait until he had lived in the UK for longer.
Rohit, understandably, did not want to waste money on renting and continued to explore his options. Fortunately, he found Strive Mortgages.
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Whether you’ve just had an offer accepted on a property and you’re ready to go, or you’re simply wondering how much you need to save for a deposit, it’s never too soon to reach out.
How we helped
While it was true that Rohit had a reduced pool of lenders available to him, we knew that as an employed, well-paid professional, we could find him a mortgage. Certain lenders are happy to waive their usual residency criteria in this scenario and offer a 95% deposit. We quickly found a lender with more considerate criteria and helped Rohit secure the mortgage he deserved.
Rohit and his family were able to buy their dream family home immediately and, in doing so, saved thousands of pounds in rent and, more importantly, were able to settle in time to secure their preferred school for their son.
“Strive Mortgages were excellent in securing us a mortgage where others had come up short. They took time to look into our complex situation and stopped at nothing to ensure we got the mortgage we needed. I highly recommend Strive Mortgages, especially if you’re in a similar situation to me as a foreign national.”Rohit