Hey guys, I know TSR may not really be the forum to ask about mortgages but having finished my MSc last year many of my mates or even still current students I know have banded together and managed to buy flats in / around London, so wondering if this is possible...
So about my scenario...
I came originally to study in the UK my senior year of university from 2011-2012 on a Tier 4 student visa in London. After that period, I went back home to the US, worked for a year, and came back to London on another Tier 4 to complete an MSc in 2013. Shortly end of my MSC in 2014, I was offered a job and Tier 2 general visa and a starting salary of £49,000. I have been working in this company full time since December 2014. my Tier 2 visa is 3 years long, which means I have around 2 years left on it. If I'm still working for the same company near the end of expiration (which I intend to) it will renew again for another 3, and after the 5 year mark I will apply for ILR (I know my time as a student does not contribute to ILR). I have a UK residence permit under my visa but not a citizenship / permanent residency.
I would really like to buy a flat in London with a max budget of £250-260k (yes, it is possible in London, it will have to be a fixer upper ) However, I am not sure if a US citizen can even get a mortgage, and in general, I am very new to the whole mortgage process! I am in a position to put down £40,000 on a £250k property, but I was turned down by First Direct for a MIP unless I had an LTV of 75%, which I don't. So I guess my main questions are:
1. Is it even possible for a US citizen to get a mortgage in my circumstances? If so, are there any mortgage providers in banks who have a higher acceptance rate for US nationals / specialize in mortgages for US citizens?
2. Are interest rates for US citizens any worse off than EU/UK nationals?
3. Does anyone have any real life / anecdotal evidence of US citizens being able to get mortgages in the UK?
Thanks very much in advance!
Mortgage for single 25 year old American, Tier 2 visa?
|Why bother with a post grad course - waste of time?||17-10-2016|