About The Author
Damian is an experienced mortgage broker, founder of NeedingAdvice.co.uk Ltd and company director. With over a decade working as a mortgage broker he has a strong understanding of hard to place mortgage cases. With hundreds of 5 star client reviews. hundreds of repeat clients his work speaks for himself.
He started NeedingAdvice.co.uk as a one man band with the philosophy of putting clients needs ahead of his own. This ethos of offering excellent customer service has helped the business grow over the years. He gets satisfaction on getting cases pushed through to offer stage where other mortgage broker and companies have failed.
Throughout his time as an adviser he has carved out a niche area of advice helping clients with their business protection requirements too. Having helped hundreds of client with Relevant Life Policies, Shareholder Protection Insurance, Keyperson Policies and other important protection requirements of large to small businesses.
At home he is a family man and likes to spend his time with his four children and wife Lisa. He enjoys going on holidays spending time with friends and going for walks.
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Mortgage On Spouse Visa | Financial Advice
Getting a mortgage on spouse visa is different from regular mortgages in the UK. The primary reason for this is that your spouse’s visa mortgage could be affected by the length of time your partner has been living in the UK, and the amount of time remaining on their visa. As a specialist mortgage broker for non-UK residency, tier 2 visas and foreign non-EU applications we received a lot of queries for spouse visa mortgages, so here in this guide we will discuss the mortgage application process in detail.
What is a Spouse Visa?
A spouse visa is a type of visa that allows a person to live with his or her spouse who is already residing in the United Kingdom. It can also allow you to bring your children into the country if they are under 18 years old. A spouse visa is issued to any individual who meets certain requirements. A spousal visa is initially issued for some 30-33 months and could be extended for additional 30 months. This means that it is possible to have a total of 60 months on the visa. If you want to apply for a spousal visa, then you need to first get married to your spouse. You should note that there are many other things that you need to consider before applying for a spouse/family visa that you can check on the UK’s government website.
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What are the requirements to get a mortgage on a spouse visa?
The main requirement to apply for a mortgage on a spouse visa in the UK is that you have active status with the Home Office (this can take up to 6 months), as well as having an approved Tier 2 visa or a valid EEA passport. You also need to have enough money to cover the cost of the mortgage and monthly payments.
If you do not meet these criteria, then you cannot get a mortgage on a spousal visa. However, you may still be able to apply for a mortgage through a mortgage broker.
Can I get a joint UK mortgage if one applicant has a spousal visa?
Yes, it is possible to get a joint UK mortgage even though one of the applicants does not hold a spousal visa or a Tier 2 visa. In order to qualify for a joint mortgage, both applicants must be over 18 years of age and have sufficient income to pay off the mortgage. They must also have good credit history and no outstanding debts. Every mortgage lender has different criteria for a joint mortgage on a spouse visa, but one thing is sure every mortgage lender will check your affordability for monthly mortgage payments.
How long does it take to get a mortgage on a spouse visa?
It takes about 3 weeks to get a mortgage on a spousal visa. Once you have submitted all the required documents, the mortgage company will contact you within 10 working days. If everything goes according to plan, then you will receive an approval letter within 4 weeks. After receiving the approval letter, you will need to complete the final steps of the mortgage application process. These include paying the deposit and arranging the valuation report. The whole process usually takes around 8 weeks.
As mentioned above, the exact time could differ as per the mortgage broker and mortgage lender processing time. At needingadvice.co.uk. we always try to complete your mortgage application process in a shorter time frame.
How much can I borrow with a spousal visa?
Most lenders approved a similar borrowing amount that is 3.5-4.5 times the complete annual income of the applicant. For example, if your annual salary is £50,000, then you can borrow between £150,000 and £200,000. Some mortgage lenders are more lenient in offering mortgages and could go up to 5.5 -6 times the annual income based on the mortgage affordability checks.
How much deposit is needed for a spouse visa mortgage?
The amount of deposit amount needed for a spouse visa mortgage depends on various factors but most lenders could agree on the 20-30% of the mortgage. This amount should be paid at the beginning of the mortgage application process when you submit your loan application form. There are also some lenders who could go for a lower deposit amount but you may need to contact a mortgage broker for your application.
Affordability requirements for spouse visa holders
The affordability criteria for spouse visa holders are calculated similarly to regular applicants with small changes. Your total debt obligations (including any other loans) should not exceed 80% of your gross incomeThe total income earned before any deductions, such as taxes.... You have to show proof of having enough savings to cover the remaining 20%. Please note that the values are under normal circumstances and could be different for some applicants. It is always better to contact a specialist mortgage adviser before starting your mortgage application.
Credit history and spouse visa mortgages
A bad credit score will always cost you higher interest rates and some lenders could resist accepting your mortgage application. But there are also some mortgage lenders who can approve your application even with adverse credit but you may need to contact a financial adviser.
FAQs – Mortgage on Spouse Visa
Can I get a mortgage on a spouse with a bad credit score?
Yes, it is possible to apply for a mortgage on a spouse visa status even if you have a poor credit rating. However, you will need to pay extra attention while applying for a mortgage such visa status. Most lenders would ask for additional documentation such as bank statementsA record of a borrower's financial transactions often requir... or payslips. They might also require you to provide evidence of your monthly expenses. In addition, they may check your employment status and work history. If you do not satisfy their affordability requirements, they may reject your application. It is better to contact a mortgage adviser who can help you to get a suitable mortgage.
What is the difference between a mortgage and a home loan?
Mortgages are used to buy houses whereas home loans are used to purchase a property like flats and apartments. A mortgage is usually given by banks and building societies whereas a home loan is provided by private lenders. The main difference between these two types of loans is the rate of interest charged. If you are interested mortgage for any non-UK residencyThe borrower's residency status, such as whether they are a ..., you may need to contact a mortgage adviser.
Is it possible to get a mortgage on my spouse’s visa?
Yes, it’s possible to get a mortgage if you meet all the eligibility requirements. It’s important to remember that your type of visa status is temporary so you must ensure that you can afford the monthly mortgage payments. You can apply for a mortgage from a UK lender.
