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Skilled Worker Visa Mortgage

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Skilled Worker Visa Mortgage

Skilled Worker Visa Mortgage (Part 1)

Simon talks to us about a skilled worker visa mortgage. Episode one of two, recorded in June 2024.

Podcast approved by The Openwork Partnership on 5/7/2024

Can I get a mortgage in the UK on a skilled worker visa?

Yes, you could. While not every lender will accept an application from an individual in the UK on a skilled worker visa, there are plenty who will.

Ultimately, as a mortgage advisor, it’s our role to determine the lenders and products that would be accessible depending on a client’s individual circumstances.

What are the eligibility requirements for getting a mortgage on a skilled worker visa?

Each lender will have quite different criteria on what they’ll require for an individual on a skilled worker visa. Some are more favourable and lenient and others are quite strict.

First and foremost, we need to satisfy all the standard requirements for a UK mortgage application, regardless of visa status. That involves ID documents, a deposit and proof of where that deposit is coming from. You also need to prove sufficient income to sustain the mortgage payments.

Once we’ve met those standard criteria, there are further key areas that lenders look at if you’re on a skilled worker visa. These include deposit percentage, how long you’ve been a resident in the UK, how long remains on your skilled worker visa and your level of income.

For most lenders, a minimum of 25% deposit is required, and you’ll need to have been in the UK for a specific length of time. For others, the deposit or residency period might be irrelevant, as long as you’re earning a certain level of income.

So it could be a bit of a minefield, to be honest, and that’s why it’s important to discuss your individual situation with a broker. We’ll explain what might be possible, taking into account all the elements: where you’re from, your earnings, your deposit and everything else.

What maximum loan amounts can be obtained for a mortgage on a skilled worker visa?

The maximum you could borrow will depend on your own circumstances. It’s a balance of your income with any financial commitments you have.

The fact that you hold a skilled worker visa shouldn’t influence how much you could borrow. The standard affordability criteria would apply to you as for anyone. It’s just really an assessment of income and outgoings.

Are there any age restrictions for getting a mortgage on a skilled worker visa?

There are no age restrictions for holders of a skilled worker visa, other than standard age limits on a normal application for an individual that had indefinite leave to remain.

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Do I need a job offer from a UK employer to apply for a mortgage on a skilled worker visa?

Yes, you would. For a mortgage application, we need to evidence to the lender what you’re going to be earning in order for the mortgage to be deemed affordable.

Some banks would lend to you based purely on a signed contract of employment, even before the start date for that role. It could even be a few months away. This could prove useful for those that are imminently changing jobs to a new employer, especially if they will be earning more. That’s going to increase the amount they could borrow.

If you’re coming to the UK on a skilled worker visa, however, while we could use the job offer as proof of income, the application might fall short on the credit scoring – because you haven’t got that period of residency in the UK.

If you’ve not lived and worked in the UK previously, lenders aren’t going to have any credit record for you. Typically, you need circa six months or so, sometimes more, to build up the required credit score in the UK. Lenders need to be able to find your records and make a decision on that basis to approve your application.

Are there any restrictions on the type of job or industry that qualifies for the skilled worker visa?

Not really. If the role is permanent, you’d qualify. The industry you work in wouldn’t have any bearing on the likelihood of being accepted for a mortgage.

What documents are required to apply for a mortgage on a skilled worker visa?

There are two elements to the application you’re making. There’s the standard side of what’s required for a mortgage application, and then additional information as the holder of a skilled worker visa.

Standard documents are ID, proof of address, proof of deposit and the origin of those funds. Money from overseas may or may not be acceptable to the lender – that’s something we would need to confirm.

You’ll also need your BRP card which is going to state all the details of your visa and the period remaining. Income documents will vary, depending on how long you’ve been in the UK and the lender’s requirements. Generally we’ll need three months’ pay slips and three months’ bank statements to corroborate the income you’re receiving.

Can I still apply for a mortgage on a skilled worker visa if I have bad credit?

Whether your credit is good or bad, lenders won’t be able to map this from overseas. That’s why you need to have some time in the UK to build up a credit record. How you’ve managed your finances abroad won’t have any bearing on the mortgage application we make in the UK.

If you’ve already had a negative credit impact since arriving in the UK, then yes, this is going to affect your ability to apply. Ultimately, each lender makes their own decision on credit scoring, based on their appetite to risk.

We can’t really say for sure what their decision would be until we run an Agreement in Principle, which is pre-approval for the mortgage we’d be seeking. That’s going to give us a clear understanding of whether or not you could proceed with an application.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 5/7/2024