Your Skilled Worker status will not in itself prevent you from being able to get a mortgage. However, different lenders will consider different criteria when looking at a Skilled Worker Visa mortgage application.

What do lenders consider with Skilled Worker Visa mortgage applications?

In addition to the normal assessments lenders apply to all applications, they will usually consider the following two:

• How long you have been resident in the UK.
• How long you have left on your Skilled Worker Visa.

As a general rule of thumb, lenders will expect you to have been resident in the UK for at least two years, although some may look for three years’ UK residency.

This is often the case both as a general eligibility criteria for the mortgage, and to ensure that the applicant has been in the UK long enough to build up a credible record of employment and credit history. Some lenders may also expect Skilled Worker mortgage applicants to have a UK bank or savings account.

Mortgage for Skilled Worker Visa holders with bad credit

Being able to get a mortgage if you have a history of bad credit whilst on a Skilled Worker Visa may be possible. However, it is very dependent on your overall circumstances, especially the degree of the credit issues.

A number of things can contribute to your credit report and your credit score. Negative marks can be caused by:

• CCJs – A County Court Judgment in where someone is acting against you following a missed payment.
• Defaults – The failure to meet the legal obligations (or conditions) of a loan, such as a homebuyer failing to make a mortgage payment.
• IVA’s – An Individual Voluntary Arrangement for those attempting to avoid bankruptcy.

Due to the probable limited availability, it’s recommended you contact a specialist broker such as us here at Just Mortgage Brokers.

A broker’s experience can prove invaluable, meaning they’ll be able to paint your application in the best possible light, increasing your chances of obtaining a mortgage product.

Mortgage lenders’ criteria if I have a Skilled Worker Visa

When lenders assess a mortgage application, there are essentially three groups of factors they consider:

• The information you have provided about yourself and your personal circumstances. Many lenders use a score-based system to evaluate your situation. They’ll look at factors including your age, how long you’ve been in your current property, how long you’ve been in your current job, and so on. If you have an existing relationship with the lender, such as a current account, then this may also be considered.
• An assessment of your ability to afford the mortgage repayments. This is perhaps the main determining factor of whether a lender will give you a mortgage. All lenders have an obligation to obtain proof that the borrower can afford to repay the mortgage. For people in employment, this is most often verified with payslips and bank statements.

• Information obtained from external credit reference agencies. There are three UK credit reference agencies, Experian, Equifax and TransUnion. Each hold records of any credit arrangements you have. This can include overdrafts, credit cards and personal loans, as well as other consumer credit agreements such as mobile or utility bills.

Can I get a Buy-to-Let mortgage with a Skilled Worker Visa?

Yes, it’s possible to obtain a  Buy-to-Let mortgage whilst on a Skilled Worker Visa. However, buying a property for investment is still one that requires certain strict criteria to be met, such as the amount of deposit required.

Getting the right information and advice can therefore be critical to ensure you know what is, or is not, possible.

Mortgage advice for Foreign Nationals

With a team of specialist advisors, we have plenty of experience in arranging mortgages in more complex cases. This includes where adverse credit ratings may be involved, or where a visa is due for renewal.

We have access to a leading network of specialist lenders and know who to approach to find the right deal to meet your needs.

For more information about Skilled Worker Visa and foreign national mortgages, please get in touch with us today.

Foreign National Mortgages

Mortgages for foreign nationals follow a similar pattern to those for with Skilled Worker Visas. Lenders typically expect the applicant to have been resident in the UK for at least two years, with a permanent job in the UK and a UK-held bank account. They will also usually expect foreign applicants to have either permanent residence rights in the UK, or an appropriate work permit.

Like Skilled Worker Visas, there’s nothing stopping individuals with a Tier 1 Visa applying for a mortgage. In fact, Tier 1 Visa holders typically have greater capital and may be looking to buy more expensive properties. This can potentially allow access to a wider range of lenders, including specialist lenders such as private banks. Tier 1 Visa types include: