Skilled Worker Mortgage

What is a skilled worker visa mortgage?

If you’re in the UK on a skilled worker visa, you might wonder if it’s possible to buy a home. Generally, you can buy property on this type of visa. You would apply for a standard mortgage product with a lender that is happy to accept people on a skilled worker visa.

There will usually be a choice of lenders offering a range of different products. A broker like us will make it much easier to find a suitable deal.

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

The most important factors will be how long you have been in the UK, the type of work you’re doing and what your credit record is like. 

It is easier to find a mortgage if you have been in the UK for two to three years in an employed role, and you have clean credit. 

How can a skilled worker visa holder apply for a mortgage in the UK?

The process is the same as for anyone, and you will find it easier and less stressful if you work with a broker. We will explore your specific situation and your property goals, and then recommend mortgages to suit you. We can get you an Agreement in Principle, so that you are ready to look for a home.

Once you find a suitable property, we will help you make the full application and we will chase up solicitors, estate agents and lenders to keep everything moving along.

What documentation is needed to obtain a skilled worker visa mortgage?

You will typically need to provide your passport, visa details, employment contract or offer letter, proof of income (payslips or tax returns) and bank statements. Lenders will also look at your credit record. 

You will need proof of the deposit you have to put towards the property. They may also request additional documents to support your mortgage application, according to their specific criteria.

How does obtaining a skilled worker visa mortgage differ from a standard mortgage?

There’s actually little difference, especially when you work with a broker. We’ll explore your specific situation at the outset so that we can find a suitable mortgage. We fit the product around you.

The only difference in the whole process is that you will have to supply your visa details to the lender. 

What maximum loan amount can be obtained with a skilled worker visa mortgage?

Every lender has their own way to calculate the amount you can borrow, so the loan amount can vary. If you need to maximise your borrowing as a skilled worker, we will approach the lenders with the most generous calculations. 

As a very loose generalisation, you can usually borrow four to five times your salary, but your outgoings and commitments could make this total a little lower. 

What are the interest rates for a skilled worker visa mortgage?

The interest rates will be the same as for any applicant with a similar background and income. You will usually achieve lower interest rates if you can put down a larger deposit of 20% or more.

What steps can skilled worker visa holders take to increase their chances of being approved for a mortgage?

The key step is to talk to a broker. We’ll assess how likely it is that we can find you a suitable mortgage deal, and if there is anything you need to do to improve your situation, we will advise you.

Generally, it helps if you have at least a year left on your visa and a good credit record. 

What are the potential risks associated with obtaining a skilled worker visa mortgage?

There are few risks with the mortgage itself –  once you have a mortgage offer the process should be straightforward. There are potentially some risks regarding the property purchase – for example, you discover there are structural issues or the vendor pulls out of the sale.

There is also the fairly low risk that the government could change its immigration or visa policy.

How long does it take to process a skilled worker visa mortgage application?

Provided that you have all the documentation required by the lender, it shouldn’t take any longer than for any other application. Most mortgages go through within a few weeks.  

How can Mortgages by McAteer help?

We have helped many clients on a visa find a mortgage and buy a home. If you’re on a skilled worker visa, come and have a chat with us about how we can help and what you will need to make the process go smoothly.

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

Approved by The Openwork Partnership on 01.08.23