Mortgage and Visa

So the wife and are applying for a mortgage on a house. She is a UK citizen I am FLR and will apply for ILR in February before my visa expires in May 2023. The mortgage broker we are using is saying that the banks are having issues with the fact that I have less than a year left on my visa. Does anyone have any experience with this?  He keeps offering us worse and worse rates so we cant tell if he is just trying to pull a fast one on us. Anyone with any experience getting a mortgage while FLR? Really stressed we are gonna loose this house....

Thanks
NWKH

I'm afraid he isn't trying to pull a fast one.  Ideally you should have two years left on your visa when trying to obtain a mortgage.

If you wait until February when you get your ILR, you'll see the rates drop massively in your favour as well.  Our mortgage payment dropped £500 a month once I had ILR.

It could be worth opting into a mortgage without a prepayment penalty and remortgaging after you have ILR.  Hopefully rates will have stabalised/dropped by then.  The biggest risk would be if house prices drop, you want to ensure you have enough equity in the home to secure a fixed rate mortgage.

So the wife and are applying for a mortgage on a house. She is a UK citizen I am FLR and will apply for ILR in February before my visa expires in May 2023. The mortgage broker we are using is saying that the banks are having issues with the fact that I have less than a year left on my visa. Does anyone have any experience with this?  He keeps offering us worse and worse rates so we cant tell if he is just trying to pull a fast one on us. Anyone with any experience getting a mortgage while FLR? Really stressed we are gonna loose this house....

Thanks
NWKH

Only one bank would look on us when we bought our house and this was Barclay's. My 1st visa was  expiring and we still received the mortgage, rate of 3.49% (we bought in the pandemic..rates were horrible)

We are in the process of refinancing and the advisor told us my visa status no longer matters as I have lived here close to 4 years. You might want to shop around and look for another mortgage advisor or wait until you have your ILR.

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Thanks for your replys. The good news is the mortgage came through!!!!! We got a pretty good deal by today's post "Mini-Budget" standards. Fifteen years with five years fixed at 4.96% Which is fine for us. We have a hefty downpayment from the sale of our house in the US so we are looking good. The agent definitely had to earn his cut on this one. The big players like Nationwide and HSBC did not like how close I was to the visa expiring but one of the little guys actually looked at our credit score... imagine that... and gave us the loan.

Now on to bigger and better forms. SET(M) here I come. Look for my post over on the Visa application with my questions about that process!!!

Big love to you all. Could not do this all without you.

NWKH

Thanks for your replys. The good news is the mortgage came through!!!!! We got a pretty good deal by today's post "Mini-Budget" standards. Fifteen years with five years fixed at 4.96% Which is fine for us. We have a hefty downpayment from the sale of our house in the US so we are looking good. The agent definitely had to earn his cut on this one. The big players like Nationwide and HSBC did not like how close I was to the visa expiring but one of the little guys actually looked at our credit score... imagine that... and gave us the loan.

Congratulations! 

Excellent news!

Excellent news!

Yes indeed,  very well done!!