HSMP --> Extension Needed for Mortage Approval

Hi,

I am an HSMP Holder having valid vis atill Feb 2010 after that need to extend to Tier-1 for another 3 years.

I was enquiring High Street Banks like HSBC, Halifax & Llyods TSB and none of them are ready to proceed with a mortage aplication as i have only 6 months left on the visa and also i have not extended it even once.

Some need alteast 2 years 8 months as remaining leave and some are ok with a visa extension.

I am sure some of you guys might have faced an issue like this before... J

Do i need to extend the visa and then apply...is that the only way?

Seniors...Advice needed urgently...

Ashik

There was a time in the past when banks used to offer mortgages on a platter. But those days are gone now. With the financial meltdown and credit crunch, banks have become very risk savvy. As a result in the case of migrant applicants they look for a minimum of either a long term leave (more than a year) or ILR.

With just six months left on your visa, you'll find it very difficult to get the best deals and options may be limited. Have you engaged a financial advisor? They will be able to look for the best deals for a case like yours and they usually do this free of cost.

Hi,

I applied for a house mortgage from Halifax in May this year. We applied for a mortgage on me & my husband's name. Ours visa were about to expire in August this year. So less than 6 months time left on our visas at the time of application. Therefore Halifax weren't quite supportive.

Then we took guidance from a financial consultant. On his advice, both of us got a letter from our respective employers stating that we have a permanent employment and they would sponsor our application when our visa expires.

Though Tier1 is an independent application, as in not requiring employer's sponsorship, halifax still approved our loan.

As suggested by seniors, it is always a good idea to get some advice from financial consultants. They know a workaround for every problem related to mortgages.

Hope that helps.

Hi

Thanks ppl for the Information....

have you guys engaged the Independent Mortage advisors or the Financial or Mortage Advisors within the Bank...

I am in an permanent employment and i can get a letter from my employer supporting but i don't think they will sponsor me or something as my company policy doesn't allow that... i pay for my Tier-1 fees....