Foreign National Mortgages in Birmingham
Birmingham is a popular and desirable place to live, and with new investment set to transform this attractive city still further, it is no surprise that people are interested in buying property in the area.
If you are interested in securing a mortgage as a Foreign National and want to purchase property in Birmingham, our advisers can guide you through the process and help you secure the best mortgage for you.
Seeking a mortgage as a Foreign National can come with some challenges, but our extensive experience and tailored service will ensure you find the undertaking is as stress-free as possible.
Foreign National Mortgages allows those born outside the UK to access mortgages from lenders across Britain, and we are here to make the application process as simple and straightforward as possible.
We have created many cases for Foreign National Mortgages for the successful presentation to lenders, accruing expertise and experience in delivering tailored mortgage solutions to our clients.
Finding a lender who arranges Foreign National Mortgages in Birmingham
Non-standard mortgage requirements can be difficult to navigate, which is why as independent advisors we are best placed to help you find the most suitable choices available to you.
As independent advisors, we can take into account the entire mortgage marketplace. This means we can access mortgages that are only offered through brokers, which are often the most cost effective and offer the best deals.
If you wish to purchase property in Birmingham, our advisors will help you find the most well-suited Foreign National Mortgage - and we can also assist you in the financial planning tied to this endeavour.
The choices available to you will depend on:
- Whether you are an EU National
- How long you have lived and worked in the UK
G Force Mortgages Ltd offers competitively priced mortgage rates to Foreign Nationals, and if you have a work visa and good credit score with a 25% deposit, we may be able to help you get a mortgage after 6 months of being in the UK.
EU Foreign Nationals getting a mortgage
For EU Foreign Nationals, it may be possible to secure a regular UK residential mortgage, as you should have credit history that's traceable in the UK. If so, you shouldn't incur any extra costs.
There are three requirements for this:
- You have been resident in the UK for more than 2 years
- You have a UK bank account
- You have a permanent job in the UK
Non-EU Foreign Nationals getting a mortgage
Things can become more complicated if you're a non-EU citizen and you want to secure a mortgage. The main problem you'll encounter if you're not an EU national is that you won't have a traceable credit history in the UK.
In order to build a positive credit footprint for your mortgage, the basic requirements you will have to meet are:
- Resident in UK for more than 2 years
- Have a permanent job in the UK
- Have permanent residence rights in the UK, or a UK Work Permit
- Hold a UK bank account
- The requirement to have lived in the UK for two years is due to the necessity of building up a UK credit history before lenders can approve your mortgage application
It may be possible to arrange a non status mortgage before then, however a large deposit 25%+ will be required.
Why buy in Birmingham as a Foreign National?
Often described as a friendly, safe and pleasant city, Birmingham is showing signs of significant development as work on the long-awaiting HS2 rail link gets under way. Located in England's Midlands, Birmingham began life as a Saxon village before becoming the fastest growing city in England during the Industrial Revolution, developing into a metropolitan centre supported by manufacturing.
This history can be seen in it's extensive networks of canals (essential for transporting goods in the 19th century) and it's architecture - which is predominantly from the 18th, 19th, and 20th centuries - includes many examples of Gothic, High Victorian and Contemporary styles.
Birmingham is also thought of a particularly welcoming city, with visitors often observing that Birmingham residents are more open and sociable than their bigger-city counterparts.
In the modern day, new developments and growing interest from investors is making potential property owners take a closer look at Birmingham. Here are some facts about the city:
- In a list produced by Mercer for its annual Worldwide Quality of Living report, Birmingham was ranked among the top 50 best cities in the world to live in for a good, safe quality of life.
- The average price for property in Birmingham stood at £208,574 in January 2021.
- HS2 is due for completion in 2031 - making London only 49 minutes away.
- Birmingham is considered a “major renovation area”, with significant investment being allocated to the city.
G Force Mortgages Ltd are authorised and regulated by the Financial Conduct Authority and are Independent Mortgage Specialists. We have the ability to search the whole UK market, including deals that you will not find on the high-street. Let us help you find a foreign national mortgage that meets your needs.