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Podcast approved by The Openwork Partnership on 19/04/2024.

Tier Two Visa Mortgage

Lee McAteer explains what’s involved in getting a mortgage with a tier two visa.

What is a tier two visa?

A tier two category visa is a skilled worker visa. There are generally tier one and tier two visas, but most people fit in the category of a tier two visa.

How do I qualify for a mortgage with a tier two visa in the UK?

It depends on the length of time that you’ve been in the UK, and also the amount of deposit you have. Generally, if you’ve been in the UK for less than two years you will likely need a 25% deposit to purchase a property.

If you’ve been in the UK for over two years and you have at least one year remaining on your visa, you can possibly buy with a 5% deposit.

Can self-employed individuals get a mortgage on a tier two visa in the UK?

Whether you’re self-employed or employed, it works exactly the same. You’ve got to have been self-employed for at least a year. The same rules will apply in terms of how long you’ve been here and your deposit. You’re not treated differently as long as you meet that minimum time of self-employment.

What deposit is needed for a mortgage with a two tier visa? What’s the minimum and maximum amount I can borrow on a mortgage with a tier two visa?

The minimum deposit obviously is 5%, but you have to have been here for two years and have one year left on your visa for that. Otherwise you’re going to need a 25% deposit.

Lenders are all different, but generally £25,000 is the minimum amount you can borrow. The maximum amount depends on your affordability. Some lenders do set a maximum of £600,000, with others it’s £1 million, and elsewhere you can borrow even more.

What you can borrow tends to be around four and a half or five times your income.

What documents are required for a tier two visa mortgage application?

It’s the usual documents: ID, proof of income, bank statements and proof of deposit. The bit that’s different for a tier two visa is that lenders want to see how long you’ve been in the UK and how long you’ve got left on the visa – that’s the only real difference, really.

How long does the tier two visa mortgage process take from application to approval?

It’s no different to any normal application. Generally, you’ll be looking to get an application fully approved within seven to 14 days. Lenders can actually approve you in a matter of hours, depending on the service levels at the point of your application.

It does take a little bit longer if a surveyor needs to go out and value the property. That can take a week to book in, or longer. But generally within 14 days you should have a mortgage offer back from your application.

Are there any restrictions on the type of property that can be purchased with a tier two visa?

No, as long as the property is mortgageable. All properties are subject to the valuer’s comments, whether you have a tier two visa or not.

What are the interest rates and fees associated with getting a mortgage on a tier two visa?

You wouldn’t be paying additional interest rates or additional fees for a mortgage with a tier two visa, as long as you fit that criteria with that certain lender. There are certain lenders who are more than happy to accept tier two visa applicants.

You wouldn’t pay any more than a UK national who was employed or self-employed.

Are there any additional costs that need to be considered when applying for a tier two visa mortgage?

No, there are no additional costs you would need to pay.

What if I have bad credit? Can I still apply for a mortgage with a tier two visa?

You can certainly still apply for a mortgage with a tier two visa. What will be more difficult is finding a lender. Not all lenders will lend to those with a tier two visa to start with, so your pool of lenders is shrinking. It’s going to shrink even more if you have adverse credit.

Speaking to a mortgage broker as early as possible will help. We will put you on the right track and signpost when you can buy – if not now, then a point in the future where it will be possible for you to do that.

How does remortgaging work for those on a tier two visa?

It’s the same essentially as when you purchase the property. When you’re remortgaging, rather than have a deposit, you need to have an amount of equity in your property. Your deposit turns into equity.

The lenders we can go to will be determined by how much equity you have. Or, you can stay with your existing lender. Most lenders will offer you a new product.  We’ll be able to put you on the right track with that and help you decide what is the most suitable course of action.

Can I get a Buy to Let mortgage on a tier two visa?

You can.  With most Buy to Lets you also need a 25% deposit. There are lenders that will offer mortgages with a tier two visa.

How can a mortgage broker help somebody with a tier two visa who’s looking to get a mortgage?

It’s not widely advertised which lenders offer mortgages for tier two visas. But as a broker that does this type of transaction regularly, we’ll be up to date with the lenders who will help you. We know which lenders are offering the better deals so we can point you in the right direction.


Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.

Approved by The Openwork Partnership on 19/04/2024.