Getting a mortgage is often looked at as a huge milestone in someone’s life – it shows you’ve ‘made it’ (at least that’s how it feels), and it symbolizes a successful and positive life and, of course, a future to match. However, for doctors working in the UK on a tier 2 visa, that mortgage can be much more of a challenge to actually get, no matter how much you might want it or how much you might be earning when it comes to affordability. From credit score requirements to the visa validity period itself, there are plenty of unique factors to consider, and that’s where many lenders draw the line – it’s just not a mortgage applicant they can help.
However, we can help. Let’s take a look at some of the problems and challenges that come from this situation, and show you what can be done.
Credit Score
One of the biggest issues (among many big issues) when it comes to being offered a mortgage, and the rate you might be offered along with it if you’re successful, is your credit score. Most of the time, it will need to be at a certain level for lenders to feel confident that you’re a good bet for a mortgage.
For doctors on a tier 2 visa, the challenge is to show a UK credit score – they might not have had enough time to build one, no matter how reliable they are when it comes to borrowing and repayments. This lack of credit history can be a big problem when applying for a mortgage, but it doesn’t have to be with us.
Visa Validity
Another crucial consideration for doctors on a tier 2 visa is that there’s going to be a timeframe associated with it – and with their mortgage applications. The fact is that a lot of lenders ask for a minimum of 12 months left on a visa before they can even think about looking at a mortgage application.
What happens if you don’t have that time left? It can mean that no matter how else you fit the requirements of getting a mortgage, you’re still turned down – and that can often be a nasty surprise for qualified doctors, especially if they’ve been qualified for a number of years. That can be quite different for doctors who aren’t on a visa, and for many, that doesn’t seem like a fair way to go about things. It could be that your colleagues, with less experience and potentially a lower salary can get a mortgage, and you can’t.
Once again, we can assist with that, so please don’t hesitate to reach out to find out more about how we can help. We want to ensure everyone has the same opportunities when it comes to finding their dream home and having the chance to own it.
More Unfairness
Perhaps you won’t be surprised to discover at this point that there is even more unfairness when it comes to doctors on tier 2 visas trying to apply for a mortgage. The fact is that a mortgage provider will generally go through a manual underwriting process, and this can be very daunting. After all, you might not fit the general requirements of what a mortgage provider is looking for. The good news is that that doesn’t have to be an issue with the right guidance and support.
Specialist Providers
To make things better for you, there are fantastic specialist providers around who can understand the unique challenges you’re going through, and they’ll be able to offer tailored offers and solutions to help you through the mortgage application process. That means specialists like us can help applicants like you identify the lenders who will be willing to consider your specific circumstances. We’ll smooth the way when it comes to gathering evidence. By using our many years of experience and expertise, we can help doctors on a tier 2 visa find a permanent home. In fact, we’ve got a wide range of lenders we can connect with to give you the best range of options, so you’re happy with your mortgage and don’t just have to settle for what you can get.
Your Deposit
Something that everyone, including doctors on a tier 2 visa, struggles with when it comes to a mortgage is the deposit – it’s hard to save up when you’ve got other costs to consider, including, in many cases, rent.
A lot of the time, you’ll be asked for a 10 percent deposit, but the good news is that you might not have to meet this threshold – it could be possible to buy a house with a 5 percent deposit instead, which means you’ll have access to a lot more properties and options, and you can get on the property ladder much sooner than you might have thought.
If that sounds like something you want to do, contact us today to find out more.
