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Topic: Can you purchase home in UK while on work visa?  (Read 605 times)

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Can you purchase home in UK while on work visa?
« on: December 19, 2005, 07:29:08 PM »
I didn't know if I would be allowed to own a home in the UK while on a work visa...does anyone know the law regarding this?
Thanks!


Re: Can you purchase home in UK while on work visa?
« Reply #1 on: December 19, 2005, 07:29:52 PM »
I suppose if you have cash, you can do whatever you like.
I think you have to have ILR to get a mortgage, though... so, i've heard, anyway.


Re: Can you purchase home in UK while on work visa?
« Reply #2 on: December 19, 2005, 07:52:21 PM »
I didn't know if I would be allowed to own a home in the UK while on a work visa...does anyone know the law regarding this?
Thanks!

The law doesn't really care what kind of immigration status one has when buying property.  In general, that is.  There's lots of exceptions.  But if you have a work permit, there is nothing stopping you.  Even as a visitor.  Pay cash and Bob's your uncle.

For those without cash up front, what's at issue is how banks feel about extending mortgages to non-Brits.  And each bank has a set of rules about it that they promulgate and act as though it's official UK policy - but it's really up to the bank.  Some are more persnickety than others, so it pays to shop around.

But to your original question, there are an estimated 250,000 Americans inside the M25 at any given point, and a goodly massive chunk of those are on work permits and owning their own home...


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Re: Can you purchase home in UK while on work visa?
« Reply #3 on: December 21, 2005, 08:48:10 PM »
from someone on a work permit who just bought a house you CAN own a house.  no law or rule against that.  i ditto what garry said about the mortgage companies seeing you as a flight risk.  everyone's circumstances are different and i would advise you to contact a mortgage broker to discuss your own personal circumstances.  what i can say from MY experience: I needed at least 2 years on my work permit (at the time I only had 2 months, not acceptable), I needed 25% down payment, I could only borrow up to 4.1 x my salary.  The less of a risk you are to the mortgage company, the more likely they are to lend you the money (higher down payment, longer work permit, etc).... any specific questions, please pm me.
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