UK mortgage for non-UK residents
RAW Mortgages focuses on lending to non-UK resident individuals, trust and companies against buy-to-let property in the UK. Obtaining a mortgage on a property can be a lengthy process, but we’re here to make it simple.
How to get a mortgage in the UK?
RAW Capital Partners focus on buy-to-let lending and we pride ourselves on our flexible approach to lending, with no income, asset, age or employment requirements. Instead, each application is considered on a case-by-case basis. We can offer a term of up to 5 years for non-UK residents as well as an 11-month bridge for UK resident individuals or companies – see our Bridging Loans page for further information.
To initiate the borrowing process with RAW, simply fill out our application form – this includes all of the information needed to obtain a Decision in Principle from our Credit Committee, which will be provided within 24 hours.
UK mortgage requirements
As mentioned above, we don’t operate using a tick-box approach and consider each case on its merits and based on the information provided to us in our application forms. When applying for the loan we’ll review the financial and personal situation of the borrower, including income, outgoings, assets, employment etc.
Your request will be reviewed quickly and, if approved in principle and you want to proceed, we will only then request confirmation of personal details and other documentation so we don’t waste your time. Generally, this will include:
- Proof of identity (e.g. passport or national identity card which must include the legal name, date and place of birth, nationality, and unique identifier of the individual)
- Proof of address (e.g. utility bill or other proof of residential address which is less than 3 months old)
- Proof of employment (e.g. letter of employment or other proof of occupation which is less than 3 months old)
- Verification of financial position (e.g. proof of salary, savings, investments etc)
Documentation will need to be certified by an appropriate person, and the wet ink signed versions sent over to us prior to completion.
UK mortgages - how much can you borrow?
The loan to valuation ratio (LTV) varies from lender to lender depending on the type of mortgage, and in some cases may be assessed based on an affordability calculator.
We prefer a more personal approach and are willing to consider lending up to 70% of the property value on all cases (excluding our Chinese product). Those that don’t qualify, can be offered up to 55% LTV.
How much down payment is required for a mortgage?
The down payment that you make on a new purchase, helps the lender to decide how much they are going to lend. A larger down payment would mean a lower LTV, which can be seen as less risky to some lenders and overall will cost less in interest. A smaller down payment may be easier on the borrower’s savings but will require a higher LTV from the lender and cost more in interest payments.
At RAW, we don’t have a minimum deposit requirement, but look to ensure that the borrower has enough cash to complete the purchase alongside our loan (max 70% LTV) and pay any upfront fees.
How long does a mortgage application take to be approved?
Many mainstream lenders have a long and complicated application process, and even with all the waiting, there is no guarantee that the loan will be approved.
We pride ourselves on speed of service, all the information that we require up front is outlined in our simple, 4-page application form. Once this has been submitted to us, we take the case to our Credit-Committee and provide a decision in principle within 24 hours.
This way, you know exactly where you stand with no excessive waiting times.
Mortgage visa requirements UK
We specialize in lending to non-UK individuals, and so don’t require our borrowers to have a visa. If you are based in the UK and are a UK tax resident, we can offer our 11-month bridging product.
Joint mortgage requirements
If 2 people are purchasing a property, it is preferred that both apply for to be on the mortgage with us. In this case, nothing is different we will just need information on both potential borrowers as outlined in our application forms and certified due diligence documentation for both borrowers once the loan has been approved in principle.
UK mortgage eligibility criteria
UK mortgage with foreign income
It can be difficult to find a lender who will consider income that is outside the UK, as foreign income can be harder to verify and more unfamiliar, but we specialize in lending to non-UK individuals and most of our borrowers have foreign income.
UK mortgage income requirements
As previously mentioned, we don’t operate using a tick-box approach or calculators as such, we will review the financial situation of the borrower, and decide:
- whether there is enough cash available to complete the purchase and pay fees
- whether we believe the client will be able to keep up with interest payments
We are happy to review all streams of income including a standard salary or commission based, rental, investment, and pension. We will look to verify all of the borrower finances in the due diligence process.
How long do you need to be employed to qualify for a mortgage?
We have no set requirements for length of employment; however we may ask for some background on previous employment to determine source of wealth and funds
How to qualify for a mortgage when self-employed?
If the borrower is self-employed, we will need to verify how much they are withdrawing from the company (the bank statements etc) and we may request financial statements or company accounts to verify the company’s financial position.
Mortgage UK first time landlord
UK mortgage – first-time landlord
We are happy to consider both first time buyers and experienced landlords. We also don’t require our borrowers to have any existing property in the UK.
How much deposit do I need as a first-time landlord in the UK?
At RAW, we don’t have a minimum deposit requirement, but look to ensure that the borrower has enough cash to complete the purchase alongside our loan (max 70% LTV) and pay any upfront fees.
Mortgage guarantor UK
How to apply for a mortgage with a guarantor
Some lenders require a person (often a parent or spouse) to guarantee the mortgage loan. This means that if the borrower cannot pay back the loan, the guarantor then also becomes liable for the debt.
At RAW Capital Partners we recognise that everyone’s circumstances are different and often the use of a guarantor is not practical or acceptable to the borrower. Our starting point is not to require a guarantor but, in some circumstances, we have used a guarantor e.g. lending to university student where we took guarantee from father.
Mortgage witness UK
Do you need a witness to sign a mortgage?
In order to ensure a mortgage agreement is enforceable as security under England and Wales Law an individual should be present to witness the signing of the deed by the borrower. This witness should sign to confirm they have witnessed the signature and provide their name and address.
Mortgage witness requirements UK
Some banks require the witness to be a specific individual such as a lawyer or notary but here at RAW we require the person to simply be an unrelated individual this could be an accountant, lawyer, work colleague etc.
Find out more about our mortgage offerings today!
