If you’re a BNO visa holder living in the UK, you may be wondering what your mortgage options are. We look at how you get a mortgage to buy UK property whilst on this kind of visa, what criteria you’ll need to meet, and where to get the right advice
What is a BNO Visa?
A British National Overseas (BNO) visa is a specific citizenship option for Hong Kongese migrants to the UK. It allows holders to live and work, or study in the UK for a period of between 30 months and five years.
After five years on this type of visa, BNO visa holders can apply for residency, followed by citizenship a year later.
Can you get a mortgage with one?
Yes, it’s possible to get a mortgage in the UK if you’re on a BNO visa. Not all mortgage lenders will accommodate this type of application as soon as you arrive in the UK, but there are specialist lenders who welcome applications from foreign nationals who meet the necessary criteria for borrowing.
There are also larger mainstream banks that may be willing to provide mortgages to BNO visa holders who have lived in the UK for over 12 months.
Speak to a BNO visa mortgage expert today
Mortgage criteria for BNO visa holders
As with all mortgage applications, the criteria vary from one lender to the next. Typically, the longer you’ve lived in the UK, the more options will become available to you, but there are certainly more flexible lenders who will consider recent arrivals.
Other criteria are likely to include:
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Remaining visa time - Usually, you’ll need between 1 and 2 years remaining on your BNO visa to be approved for a UK mortgage. If you’re on a shorter, 30-month visa, it’s, therefore, a good idea to apply as soon as you arrive in the UK
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Credit History - Some lenders will require you to have a good credit history in the UK, this is usually those that require you to have been in the UK for a minimum of 12 months
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Proof of income - most lenders will ask for a contract of employment or at least 3 months' worth of wage slips to show that you have a permanent income in the UK. Some specialist lenders may consider an overseas income, but most prefer income to be gained from a UK job
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Deposit - You may need a larger deposit than a UK citizen as a foreign national buying in the UK. Usually, you will need a minimum of 25% of the property value as a deposit. This could be higher if you are unable to provide proof of a definite UK income, or have no credit rating in the UK
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Age limits - You will need to be 18 years of age or older on application, and most lenders will not allow a mortgage to run past your 75th birthday, so you would need to be young enough that you complete your mortgage before you turn 75. However, some lenders do not have an upper age threshold
Kellie Steed - Content Writer
How to get a mortgage in the UK with a BNO visa
Before beginning your application, it’s a good idea to open a UK bank account and have a permanent, UK-based job. You’ll also need to provide evidence of your identity and your current address to the mortgage lender, so ensure you have these, as well as all of your visa documentation to hand.
The next step is to seek advice from a mortgage broker with experience in securing BNO visa mortgages. A mortgage broker who specialises in UK mortgages for Hong Kongese people with BNO visas, like ourselves, can ensure that you approach a lender who will be most likely to accept the application and provide you with the most competitive mortgage for your circumstances.
It can be especially difficult to find a suitable lender if you have been in the UK for less than a year, have a non-UK income, or have too little time left on your visa. However, no matter your circumstances, we work with lenders from across the entire market, including those more flexible to the needs of foreign nationals buying property in the UK.
Reach out to us for a free initial chat about your BNO mortgage options.