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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi.I am interested in a mortgage in the u.k and I am not

Resolved Question:

Hi.
I am interested in a mortgage in the u.k and I am not a u.k citizen. What kind of deposit do I need to put down to qualify for a mortgage in the u.k and for how long could the mortgage be spread for me. I am 60 yes old.
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Thomas replied 1 year ago.
Hi,

How much money do you have for your deposit please?

Tom
Customer: replied 1 year ago.
We are talking of percentage deposit I can put down so quatom amount I have does not matter. When I asked of for how many years it could be spread, again we are talking of period of time. I don't seevwhat relevance what amount of money I have has with my enquiry. Or what do you think.
Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

Typical first time buyers obtain a 10% deposit and 90% mortgage on the purchase price of the property, then upon each sale and purchase reduce the amount of mortgage and increase the amount of deposit.).

It is possible to get a 95% mortgage in some circumstances.

However, your problem if if you are applying for a normal high street mortgage the same as any other buyer many may not lend to you because of your age I’m afraid. A normal mortgage term is about 20-25 years and so the lender would take the view based on actuary information that there is a strong possibility that you may pass away within the mortgage term, leaving them with a problem.

Ultimately, it’s about what the lenders are prepared to offer, if you had massive deposit they may make you a bespoke offer but under their normal lender criteria I would expect them not to offer you are mortgage in most places I’m afraid.

I’m sorry, I’m sure you consider it unfair.

Please remember to RATE my answer OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE or above if you are satisfied that you have received the correct legal advice (even if it is not the answer you wanted to hear), otherwise I do not receive any credit for answering your question.

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Kind regards,


Tom
Customer: replied 1 year ago.
Hi Tom.

You did not quitevanswer my question. You did not look at my circumstance as non british. Neither did you look at what the market offers in Britain. Assuming I am not that old, 60 years. What is the U K mortgage law lending to first borrowers who are non British citizens. What percentage of the whole sum is put as deposit to borrow on mortgage.

2. For how long is the mortgage spread. You answered it to be 20- 25 years. With larger deposit, the repayment period comes down doesn't it.

So what is the law on percentage deposit required.
Expert:  Thomas replied 1 year ago.
\i will answer tomorrow.
Expert:  Thomas replied 1 year ago.
Hi,

It's not a matter of mortgage law, it's simply about what the lenders are willing to do with you having regard to their respective polices.

There is nothing illegal about a foreign national buying property in the UK. At the most the lender may (may only) wish to check your immigration status to confirm that you are legally able to visit and/or stay in london.

Again, there is no law governing the amount of mortgage lenders can advance as compared to the deposit. It is completely up to them. You can ask for whatever mortgage period you want as well, so you could ask for a shorter mortgage period than the one I specified.

Please remember to rate my answer.

Kind regards,


Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6444
Experience: BA (Hons), PgDip, Practising Solicitor
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