How Long Do You Have To Live In UK To Get A Mortgage?
If you’re planning to move to the UK and want to get a mortgage so that you can purchase a home, you’ll need to plan on residing there at least three years before seeking out a mortgage. There are many reasons for this the first of which is so that you have time to build a credit history. You can also visit Sell Property Fast Cash for more tips and suggestions.
Your credit history will show that you’re responsible and can be trusted to pay your mortgage in a timely fashion. By residing in the region for three years prior you’ll have plenty of time to establish your credit history. It’s important to not overstep your credit by applying for more credit than you need.
If you apply for too much credit, you may find that some of your applications are rejected and this can reflect very poorly on your credit history if you’re planning to apply for a mortgage. Not all lenders have the same requirements so it’s important to find out what the lender you plan to use requires so that you’ll have all of the proper credit history available when you apply for your mortgage.
If you’re relatively new to the UK, you’ll have to be prepared to show that you’re employed and what your nationality is before you can apply for a mortgage. Again, not all lenders have the same requirements and what works well for one may not work at all for another so it’s best to shop around a bit and find out exactly what you’ll need when you start the process of applying for a mortgage.
Keep in mind that you’ll also have to pay the deposit or down payment on the home you’re planning to purchase, as well as any lender and mortgage fees that are required in the loan application process. If you can’t pay these fees you’ll likely have to forfeit the home that you’re looking at and seek something of lower value so that you can afford it.
It’s also important to know that if you default on your payments you risk losing your home back to the mortgage lender. Your home and property are the security for the loan so if you’re not paying your loan in a timely fashion you may risk having it reposssessed and have to move off of the property and out of the home.
If you’re self-employed or from a foreign country you’ll need even more income documentation before you can apply for a loan. Additionally, you’ll have to satisfy the three year residency in the UK so that you can apply for the mortgage and buy your home.
If you’re planning on buying a home in the UK, start your plans early and make sure that you have the required down payment or deposit, have the established three year residency, and that you watch your credit carefully so that you can satisfy the requirements of the mortgage lender. Do your research and be sure that you don’t over extend your credit. You can check www.sellpropertyfashcash.co.uk for additional guidelines.
