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EXPERT ADVICE

Can you get a mortgage without
permanent residency?

have obtained pre-settled status, the level of best chances of a positive result, making your
ESPC Mortgages’ Paul Demarco, a mortgage and protection specialist, deposit that would be required will vary from application as appealing and as reassuring as
discusses how you can obtain a mortgage without settled status. lender to lender, ranging between 5 and 25%. possible for a lender.

When it comes to applicants who have If you require advice in this area, or for all your
temporary visas, this is probably where the mortgage and financial needs, please contact
strictest criteria are imposed by lenders. Some me on 07778 066595, as I would be more than
of their criteria requires applicants to have happy to assist you.
lived and worked in the UK for a minimum
of two years, while others may require a Get mortgage advice today
minimum term of six months remaining on ESPC Mortgages is a team of independent
the applicants’ visa. Some lenders will not mortgage advisers based in Edinburgh.
offer a mortgage unless an applicant has With many years of experience, they are
gained indefinite leave to remain in the UK well-placed to help you purchase your first
(abbreviated to ILR). Again, the amount of property. Get in touch with the team on 0131
deposit that’s required varies, but the majority 253 2920 or fsenquiries@espc.com.
of lenders will require
a higher deposit from
clients who are in the UK
on a temporary visa.

This can be a complex
area to navigate, and
applicants who fall into
any of these categories
should seek independent
f you are originally from a country outside These statuses were introduced as Britain mortgage advice to
of the UK, but are hoping to buy a property left the EU in January 2020 and apply to all help them ascertain
Iin Scotland, the rules and criteria for residents who are not originally from the UK. the best route to
obtaining a mortgage can differ from those homeownership for their
who are already residents. This doesn’t by any Some lenders may lend up to 95% loan- individual circumstances.
stretch mean that you can’t get a mortgage: to-value in each of these three categories, A mortgage adviser will
if you meet the correct criteria, you should be depending on the applicant’s income, and be able to guide you on
able to get your foot onto the property ladder, if they have a permanent job. However, you all the steps you need to
although it may be a more difficult or a longer should be aware that not all lenders are so take to give yourself the
process than for those who are UK residents. generous, and some require the applicant to
have as much as a 25% deposit when looking
Lenders will have different criteria for to purchase a property.
applicants who are from outside of the UK, The information contained in this article is provided in good faith. Whilst every care has been taken in the preparation of the information, no
responsibility is accepted for any errors which, despite our precautions, it may contain.
which generally falls into three categories: As a general rule, if the applicant has settled
pre-settled status; settled status; and status, most lenders tend not to have as many The initial consultation with an ESPC Mortgages adviser is free and without obligation. Thereafter, ESPC Mortgages’ charges for mortgage advice
are usually £395 (£345 for first-time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR
temporary visa. restrictions with income. However, if you OTHER LOANS SECURED AGAINST IT.

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