Borrowers on working visas in the UK purchase residential property

The clients: Our clients wanted to purchase a new-build residential property and needed finance to do so. Both applicants were on working visas in the UK.


The property: Located in Surrey, the property is a new-build three-bedroom semi-detached house valued at £600,000. The clients only had a 15 per cent deposit so needed to borrow £510,000.


The finance: The clients required borrowing of 85 per cent loan-to-value (LTV), with a lender that was willing to accept the clients on working visas and who don’t have indefinite leave to remain in the UK


Key requirements:-

  • A lender who would consider clients on working visas who do not have indefinite leave to remain in the UK.

  • A residential lender offering 85 per cent LTV on a high purchase price of £600,000.

  • The ability to add the lender arrangement fee to the loan.

After sourcing the whole mortgage market, we identified a competitive rate enabling the clients to borrow the full £510,000 on a repayment basis. The lender was comfortable with the working visas as we were able to provide evidence that they had lived and worked in the UK for at least the past two years and had sufficient time remaining on the working visas to satisfy the lender. We were able to secure a residential mortgage on a market-leading two-year fixed rate.


As a bonus, the lender offered a free valuation and the ability to add arrangement fees to the loan. These features and benefits really appealed to our client and we were able to submit a decision-in-principle and get approval from the lender before submitting the full application.


The application process: To support the mortgage application, the clients supplied us with proof of identity, address and confirmation of income and proof of the working visas. We were delighted to inform our clients that the lender had issued a formal mortgage offer for the full amount requested.


Property value: £600,000

Loan amount: £510,000

LTV: 85%

Rate: 1.53% 2-year fixed

Term: 31 years

Lender facility fee: £995 added to the loan

Monthly payment: £1722

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