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What is a spousal visa?
A spouse visa (or spousal visa) is a visa for a person that is from outside of the European Economic Area that is married to a UK citizen allowing them to live in the country.
When a spouse has this type of visa, this allows them to live with the spouse for a certain period, often around 30 months. Spouse visas can also be extended by application. The extension is usually for another 30 months.
After this period, if you are still married and living in the United Kingdom, it may then be possible to apply for a permanent visa (indefinite leave to remain) as five years have passed.
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Can I get a mortgage if I am on a spouse visa?
It is certainly possible to get a mortgage for a property in the United Kingdom if you are on a spouse visa. However, not every lender offers this as some require you to already have permanent right to reside before lending to you.
For the lenders that can consider applicants on spousal visas, there will be further criteria to meet to get the mortgage.
For example, how long you have been in the country will likely come into it. The amount that you earn will also be a factor along with your previous country of residence, deposit amount and credit history.
To find out more about your credit history, you can go to Check My File.
Lenders will also need to get an understanding of how long is left on your spouse’s visa at the moment. The longer that is left, the higher your chance of getting a mortgage based on your earnings with certain lenders.
If your spouse’s visa is about to expire, some lenders would need you to extend it before they agree to lend.
I am on a spousal visa, but my spouse is a permanent UK resident. Could we buy a property in just their name?
It may be possible when lenders are not accepting people on spouse visas to allow the property to be in the sole name of the permanent UK resident.
However, this is not guaranteed and not all lenders will offer this.
On the applications where the lenders can agree to this, they would need to be comfortable that the application passes the affordability using the income of just permanent resident.
The lender may also have concerns if the deposit was coming from the sources of the person on the spousal visa.
The market is complex, and lenders change their criteria regularly. As a result, to find out how lenders would treat your application, you should look for a qualified and experienced mortgage adviser who can tell you your options.
I am on a spousal visa, how much would I need to put down as a deposit?
If you are on a spousal visa with no new permanent right to reside, many lenders will need you to put down an additional deposit to that of a permanent UK resident.
The exact amount that you would need to put down will from lender to lender.
However, a common deposit amount requested for people on spouse visas is 25%. This means that for a property with a purchase price of £400,000, a deposit of £100,000 would be required.
The applicant’s income would need to be enough to support the £300,000 mortgage.
If you want to know how much you would need to put down for a deposit based on your situation, you should talk to an experienced mortgage adviser.
You may find the following post useful Joint Borrower Unequal Deposit.
I am looking for a spousal visa mortgage, do I need a special type of mortgage adviser?
You do not necessarily need a certain type of mortgage adviser to help you place a mortgage due to your visa. However, it would be recommended to look for a mortgage adviser that has experience in placing these types of mortgages.
Some mortgage advisers work with many people on different types of visas so may have more up to date knowledge on which lenders are best in this situation.
If you would like I NEED ADVICE to match you with a mortgage adviser with experience in arranging spousal visa mortgages, please complete the contact form.
I am on a spouse visa, could I get a buy to let mortgage?
Not every lender offers buy to let mortgages for people on spousal visas.
The reason for this is, that if the applicant on the spousal visa is unable to extend it or be offered permanent right to reside, this may result in them being forced to leave the country.
If this were to happen, managing the investment property may be harder or getting possession of the property in the event of non-payment of the mortgage could also be more difficult depending on where the applicant lives.
The good news is that there is some buy to let lenders that have no issue lending to applicants on spousal visas.
Lenders change their criteria regularly so if you’re on a spouse visa looking to get a buy to let mortgage, it would be recommended to find a mortgage adviser with experience in the buy to let market.
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I have had bad credit, would I get a spouse visa mortgage?
Some lenders are willing to consider applicants that are on spousal visas and have had bad credit.
However, many lenders would not be willing to accept this type of application.
When a lender accesses an application, they need to get a full understanding of what the bad credit was. For instance, was it related to missed payments? What is it related to debt management plans, bankruptcies, individual voluntary arrangements, county court judgements or something else?
Mortgages are complex and adverse credit ones are even more so. If you have bad credit and are on a spousal visa, it would be worth talking to an experienced mortgage adviser to see if you have mortgage options.
It may be that there is an option for you, but you need a larger deposit. Your mortgage adviser would be able to confirm this to you when giving you individual mortgage advice.
It is possible to get a mortgage if you are on a spousal visa, however, there is often more criteria to meet than there is for UK citizens.
your nationality, the length of time that you have been in the UK, your income, your deposit and your credit history are all some of the things that will be considered by a lender when assessing your application.
As the mortgage market is complex, you should look for an experienced mortgage adviser who can make a recommendation based on your scenario.
If you would like I NEED ADVICE to match you with an experienced adviser, please complete the contact form.