5th July 2024

Skilled worker visa mortgages for NHS staff

Trying to wrap your head around mortgages can be quite tricky, especially if you're adding the complexity of trying to secure a mortgage while living in the UK on a visa. You can still secure a mortgage as a foreign national in the UK, but it does differ slightly. Understanding the differences will help prepare you for the mortgage process ahead of time, which can make the entire process easier to manage. So, in this article, we'll learn about skilled worker visa mortgages for NHS staff to learn about the unique characteristics of this type of mortgage.

What is a Skilled Worker Visa?

If you're looking to live and work in the UK and are a non-UK national, you'll need the right type of visa. There are many different visa options available, including the skilled worker visa. This type of visa allows you to live and work in the UK for up to 5 years and can be extended indefinitely provided you still meet the eligibility requirements under the current UK legislation, which may change in the future. The skilled worker visa is a commonly used visa for NHS staff - such as doctors, nurses and clinicians - as it allows the NHS to utilise the skills and expertise of overseas workers.

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Eligibility for Mortgages on a Skilled Worker Visa

If you're in the UK on a skilled worker visa, it's quite likely you'll be looking to stay in the UK for an extended period. As you'll be in the UK for several years, purchasing property might be something you're considering. Unless you have lots of savings, that typically means securing a mortgage. However, as you're here on a skilled worker visa, there are a few things you'll want to know about before you start applying for mortgages./p>

• Visa validity: Most lenders require that your visa is valid for a certain period beyond the date of the mortgage application. Typically, this can be around two to three years.
• Employment status: Being employed by the NHS, which is a stable and reputable employer, can be advantageous in your mortgage application. So let lenders know that you intend to work at the NHS for an extended period.
• Credit history in the UK: Establishing a good credit history in the UK is key to securing a mortgage. This can be challenging if you have recently moved to the country, as you may need to build this from scratch.
• Deposit: You may be required to provide a larger deposit compared to UK residents. Speaking with a mortgage advisor, such as WIS Mortgages, is a good move to ensure you find the most suitable arrangement for your circumstances.

Required Documentation

When applying for a mortgage, you'll need to gather a range of documents to support your application. As you'll be applying for a mortgage while on a skilled worker visa, it's even more important that you're prepared ahead of time with all of the documents required. These typically include:

• Passport and visa: Proof of legal residence and the right to work in the UK.
• Proof of employment and income: This includes pay slips, bank statements, and an employment contract.
• Proof of UK residence: Utility bills or a tenancy agreement can serve this purpose.
• Credit report: You can obtain this from major credit reporting agencies in the UK.

Tips for a Successful Mortgage Application

Lenders tend to scrutinise mortgage applications from visa holders a little more thoroughly than UK nationals by way of the additional documentation required. It therefore benefits you to take the time to do each step correctly. To increase your chances of securing a mortgage on a skilled worker visa, consider the following tips:

• Start building your credit history early: Get a UK bank account, use a credit card wisely, and ensure all bills are paid on time.
• Save for a larger deposit: The more you can put down as a deposit, the less risky you appear to lenders. A larger deposit can also help keep the interest rates as low as possible for you.
• Seek professional advice: Mortgage advisors who specialise in helping foreign nationals can provide invaluable advice and assistance, such as our team at WIS Mortgages.
• Stay organised: Keep all your documents well-organised and ready to present to lenders or brokers.

Secure Your Future With a Mortgage While on a Skilled Worker Visa

Working in the UK on a skilled worker visa for the NHS is a lofty pursuit, as you'll be directly helping the healthcare industry here. It's also an opportunity for you to settle down here, which is why it's so important to learn about securing a mortgage while on a skilled worker visa. Although it's a little more involved, you can aim to achieve homeownership as a non-UK national with the right approach and guidance.

If you would like to learn more about securing a mortgage while on a skilled worker visa, or would like assistance with the mortgage process, please get in touch with our team at WIS Mortgages today.

As a mortgage is secured against your home it may be repossessed if you do not keep up the mortgage repayments.

Frequently Asked Questions

Q. Can I get a mortgage on a skilled worker visa in the UK?

A. Potentially, as many lenders offer standard mortgage products to individuals on skilled worker visas. You will still need to meet all of the eligibility requirements for a successful application, which will include additional factors like the duration of your visa.

Q. How long do I have to be employed in the UK to get a mortgage?

A. There isn't a set timeframe for employment when it comes to securing a mortgage, as lenders will look at the merits of your application on a case-by-case basis. As a good rule of thumb, being in a role for at least 6 months is usually enough to apply for a mortgage.

Q. What can stop me from getting a mortgage?

A. Many different factors can impact your ability to secure a mortgage, especially if you're here on a skilled worker visa. If you have a poor credit history, have an expiring visa or have made multiple credit applications recently then you may be declined a mortgage.

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