top of page
Young couple buying new home. Meeting with architect

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.

Yomo-Pattern_Large_Navy.png

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:

  • 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.

  •  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.

  •  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.

  • 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:

 

  • First-time buyer

  • High income

  • Lives and works in Dubai

  • Foreign income

  • 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.

  • How much can I borrow?
    A typical mortgage applicant can expect to borrow four and half times their annual income. This should not be affected by your employment type unless your income is low or you have a poor credit score.
  • What deposit will I need?
    There is no specific deposit requirement needed by self-employed applicants and the minimum deposit usually needed for a standard residential mortgage is 10%. That being said, with a short trading history, you will increase your chances of securing a mortgage if you are able to offer more than the minimum deposit requirement. This can also give you access to more competitive mortgage rates.
  • Do I have access to the Help to Buy scheme if I’m self-employed with one years’ accounts?
    All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you. All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you.
  • What documentation is needed for a self-employed mortgage application?
    Tax returns, business accounts and possibly a reference from an accountant. This all depends on whether you are a sole trader, a director of a Limited Company or are in a partnership.
  • How many years of accounts do I need to provide?
    Usually, two to three years of accounts. However, you can get a mortgage with one year's books.
  • Can I get a mortgage if I am a contractor or freelancer?
    Yes, but you may need to provide more evidence of income stability. Typically you would need 12 months history.
  • How do lenders assess self-employed income?
    They typically look at your average income over the past two to three years.
  • What can I do to improve my chances of getting a mortgage as a self-employed individual?
    Keep thorough records, pay your taxes on time and maintain a good credit score. You should also limit the amount of expenses you put through in order to maximise your income.
  • Are there specific lenders that specialise in self-employed mortgages?
    Yes, some lenders are more flexible with self-employed applicants.
  • How does fluctuating income affect my mortgage application?
    Lenders prefer stable and predictable income but may consider averages.
  • What is the impact of a limited company structure on getting a mortgage?
    Your income may be assessed differently, focusing on salary and dividends.
  • Are interest rates higher for self-employed mortgages?
    They can be, depending on the perceived risk by the lender but most do not charge higher interest rates for self-employed applicants.

Try our mortgage calculator today

*mortgage calculator coming soon*

Here’s a recent customer review

“I have used Ben many times with my personal mortgage and I can’t thank him enough for the advice he has given me each time. Ben is the best around and would always recommend my friends and family using him.”

- Chriss Wall, Google review
Review Us On Google
Symbol house with wood key on bed and sunlight, buy or rent estate concept

Don't let your international status hinder your property investment goals in the UK. Call Yomo Finance in Aylesford today on 01634 949555 to start the application process.

Yomo Finance logo
  • TikTok
  • Instagram
  • Facebook
  • LinkedIn
Google icon

Useful links

Business details

15 Old Chatham Road, Blue Bell Hill, Aylesford, Kent, ME20 7EZ

01634 949555

Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Some forms of buy to let mortgages are not regulated by the Financial Conduct Authority.

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Yomo Finance Limited is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.

Yomo Finance Ltd is registered with the Financial Conduct Authority under number 1007159

The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.

YOMO FINANCE LIMITED registered as a limited company in England and Wales under company number:  15250199 

Registered Company Address:  The Hive @ Edenwood Place 15 Old Chatham Road, Blue Bell Hill, Aylesford, United Kingdom, ME20 7EZ

Terms of Use | Privacy Policy | Cookies Policy | Terms of Business

© 2024. The content on this website is owned by us and our licensors. Do not copy any content (including images) without our consent.

© Copyright
bottom of page