Buying house when on ILR

Hi,

Is this advisable to buy a house in UK when on ILR? Has anyone had any experience of buying when on ILR?

Would appreciate any comment, please.

Thanks,

People buy one (or more than one, if they can afford) even before getting ILR!

sushdmehta wrote:People buy one (or more than one, if they can afford) even before getting ILR!

Thanks sushdmehta.

newc wrote:

sushdmehta wrote:People buy one (or more than one, if they can afford) even before getting ILR!

Thanks sushdmehta.

sush is right. if i may add after ILR you get better mortgage interest rates from lenders

khalidmirza wrote: sush is right. if i may add after ILR you get better mortgage interest rates from lenders

Thanks khalidmirza

I am thinking of buying a house also. On HSMP+Tier 1 general. Due to apply for ILR next year may/jun.

There is no min maintainese fund need, but need to proof i can support myself financially. How much cash should I leave my bank account after purchasing the property?????


Thanks, Ybio

Hi guys
Not sure how old this thread is (because whenever I am logged in, ALL the posts display the same date- 18/02/2011. Some bug I think)

Anyway, my husband and I bought a house recently. In fact we got our keys just TODAY!

We are not on ILR, in fact far from it- we just started on Tier 2 recently - previously on Student and PSW visas.

So as Sushd said, you dont need ILR status to buy a house, but mortgage rates are better on ILR status. We didnt get too many competitive rates because of our non ILR status. But it was fairly easy and painless to buy.

Hi Sheffield Marketeer,
We are exactly in your shoes now... We are on tier2 general with about 2 years 10 months left.. Both of us are working (decent salary).. based out of Nottingham.

We would like to buy a house asap.
Can we get in touch pls ?
Alternatively, could you share your experience step by step (from online browsing, solicitor visits, mortgage journey..would be really helpful to loads of ppl i hope:)

cheers
Matrix123

Sheffield_Marketeer wrote:Hi guys

Not sure how old this thread is (because whenever I am logged in, ALL the posts display the same date- 18/02/2011. Some bug I think)



Anyway, my husband and I bought a house recently. In fact we got our keys just TODAY!



We are not on ILR, in fact far from it- we just started on Tier 2 recently - previously on Student and PSW visas.



So as Sushd said, you dont need ILR status to buy a house, but mortgage rates are better on ILR status. We didnt get too many competitive rates because of our non ILR status. But it was fairly easy and painless to buy.

For the benefit of other Tier 2 people who are looking to buy a house.

Yes, you can buy a house depending on the current mortgage rule of the bank you apply to.

the eligibility criteria are available in the intermediary page of the respective bank.


I have pasted halifax (our mortgage provider) as an example.

Guideline
http://www.halifax-intermediaries.co.uk ... fault.aspx

Where the client is not a citizen of one of the countries listed above then the following checks must be completed:
Applicants must not enjoy diplomatic immunity
Passport includes indefinite leave to remain - proceed.
Passport does not include indefinite leave to remain but includes work permit or visa with minimum 2 years 6 months remaining - proceed.
If not, has the customer lived and worked in the UK for over 3 years (excluding refugees or any period as a student) - proceed
If not, where work permit has less than 2 years 6 months remaining employer must confirm that they have applied (or intend to apply) for the permit to be renewed - proceed
If none of the above applies, then the case may not proceed (or could be limited to 75% LTV).
Please ensure that if the passport has a visa stamp and if this stamp has specific conditions attached that any documents that refer to these conditions are submitted with the passport, i.e. if the visa says ‘As authorised by the secretary of state’ then the work permit and a letter from the employer confirming that they have applied (or intend to apply) for the permit to be renewed are submitted.
Some Non-EEA nationals may have an identity card issued by the home office in place of a visa, which will confirm the client's right to stay, work or study in the UK. These cards are acceptable.
…

matrix123 wrote:Hi Sheffield Marketeer,
We are exactly in your shoes now... We are on tier2 general with about 2 years 10 months left.. Both of us are working (decent salary).. based out of Nottingham.

We would like to buy a house asap.
Can we get in touch pls ?
Alternatively, could you share your experience step by step (from online browsing, solicitor visits, mortgage journey..would be really helpful to loads of ppl i hope:)

cheers
Matrix123

Sheffield_Marketeer wrote:Hi guys

Not sure how old this thread is (because whenever I am logged in, ALL the posts display the same date- 18/02/2011. Some bug I think)



Anyway, my husband and I bought a house recently. In fact we got our keys just TODAY!



We are not on ILR, in fact far from it- we just started on Tier 2 recently - previously on Student and PSW visas.



So as Sushd said, you dont need ILR status to buy a house, but mortgage rates are better on ILR status. We didnt get too many competitive rates because of our non ILR status. But it was fairly easy and painless to buy.