Looking for the best deals on foreign national mortgages?
At Yomo Finance, we understand the unique challenges faced by non-UK citizens looking to purchase property in the United Kingdom. Our foreign national mortgage range is designed to cater to the specific needs of international buyers, ensuring a seamless and hassle-free experience.
What is a foreign national mortgage?
A foreign national mortgage is a specialised mortgage product tailored for individuals who are not UK citizens or permanent residents but wish to invest in UK property or buy a home here. These mortgages are designed to accommodate the unique circumstances of international buyers, such as different income sources, credit histories and residency statuses.
Eligibility for foreign national mortgages
While the eligibility criteria may vary depending on the lender, generally, you may qualify for a Foreign National Mortgage if you meet the following requirements:
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Residency status - You can be a non-UK citizen residing in the UK on a valid visa, such as a Tier 1 or Tier 2 work visa, or a family visa. Alternatively, you can be a non-resident foreign national living outside the UK.
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Income and employment - Lenders will assess your income and employment status to determine your ability to make mortgage payments. This can include income earned in foreign currencies or from international sources.
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Credit history - While you may not have a UK credit history, lenders may consider your credit profile from your home country or other relevant financial information.
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Deposit - Most lenders will require a higher deposit, typically ranging from 25% to 40% of the property's value, to mitigate the perceived higher risk associated with foreign national mortgages
Case study: foreign national buying a home in the UK
Background:
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First-time buyer
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High income
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Lives and works in Dubai
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Foreign income
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Married with two children
Client a foreign national and is a high-earning executive living in Dubai with his wife and two children, looking to buy their first home in the UK.
Identifying a desirable property in Surrey, he faced the task of securing a mortgage. This is where Yomo Finance come in. We supported the client to understand their circumstances and find the best mortgage product and rate for them. Working with our specialist mortgage brokers, the client secured a mortgage at a competitive rate, whilst simplifying the complex process. The client successfully purchased his dream home in the UK.
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