Mortgage for First Time Buyers without Indefinite Leave to Remain

The Situation

Our clients were Nigerian Nationals looking to purchase their first property. They were having trouble securing a mortgage with a 10% deposit due to their Visa status.

They approached us to see if we could help.

 

The Solution

We secured a 90% mortgage with a national high street lender. The broker was able to negotiate an exception out with standard policy in relation to the applicant’s visa status.

This resulted in a higher loan-to-value (LTV) being offered as standard policy was 80% for applicants who did not have indefinite leave to remain.

 

The process

In addition to the applicant’s visa status, there were a couple of other hurdles to overcome before this deal would become a reality.

Firstly, both applicants were NHS doctors on fixed-term contracts with additional LOCUM work. The clients worked at various hospitals across the UK and were frequently in between contracts.

Every lender has a varying contractor policy so it becomes more challenging when we factor in the accompanying visa status as the number of available lenders is significantly reduced.

Secondly, the applicant’s credit score was “fair” but in the current climate, this can hinder their ability to secure a higher loan-to-value and the clients required a 90% mortgage.

Once we narrowed down the options, we had a small pool of lenders that can get very close to ticking all of the boxes.

Out of these, we managed to negotiate with one particular bank and from there we were able to package the application quickly and efficiently.

The end result was the lender approving the offer by overlooking both the applicant’s visa & contractor status. To summarise, both applicants were treated as permanent UK residents and permanent NHS employees thus increasing their affordability and LTV.

The Outcome

Our clients were delighted as they had had a poor experience attempting to source a mortgage directly with the various banks.

We were able to take some of the stress out of the process and ultimately achieved an excellent.

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