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How much deposit do the skilled worker visa holder need to buy a property

Tier 2 Visa Mortgages Ultimate Guide. How much deposit do the Tier 2 visa holder need to buy a property?

Deposit Requirements for skilled worker Visa Holders

If you are a skilled worker visa holder looking to buy a property in the UK, you will need to have a deposit. The deposit amount required for a skilled worker visa holder to buy a property in the UK can vary depending on several factors, including the lender, the type of property, and your individual circumstances.

Generally, skilled worker visa holders can expect to need a larger deposit than UK citizens or permanent residents. The minimum deposit amount required for a skilled worker visa holder is usually around 15% of the property value, although some lenders may ask for a higher deposit of up to 25%.

It is important to note that having a larger deposit can improve your chances of being approved for a mortgage, as it can demonstrate to the lender that you are a lower risk borrower. Additionally, having a larger deposit can also help you secure a more favourable interest rate on your mortgage.

If you are struggling to save for a deposit, there are some options available to help you. For example, the UK government’s Help to Buy scheme can provide a loan of up to 20% (40% in London) of the property value to help you purchase a new build property with a deposit of just 5%. However, it is important to note that this scheme is only available for new build properties and has certain eligibility requirements.

In summary, skilled worker visa holders looking to buy a property in the UK should expect to need a larger deposit than UK citizens or permanent residents, usually around 15% of the property value. However, having a larger deposit can improve your chances of being approved for a mortgage and securing a more favourable interest rate. If you are struggling to save for a deposit, consider exploring government schemes like Help to Buy to see if they can assist you.

Factors Influencing Deposit Amounts

When it comes to buying a property as a skilled worker visa holder, the deposit amount you need to pay can be influenced by several factors. These factors include the property value, credit score, employment status, and residential status.

Property Value

The deposit amount you need to pay as a skilled worker visa holder largely depends on the value of the property you want to buy. Typically, lenders require a deposit of at least 15% of the property value. However, some lenders may ask for a higher deposit, up to 25% of the property value. It’s important to note that the larger the deposit you can afford to pay, the better your chances of getting approved for a mortgage.

Credit Score

Your credit score is another factor that can influence the deposit amount you need to pay. A good credit score can help you qualify for a mortgage with a lower deposit amount. On the other hand, a poor credit score may require you to pay a higher deposit amount or even make it difficult to get approved for a mortgage.

Employment Status

As a skilled worker visa holder, your employment status can also affect the deposit amount you need to pay. Lenders may require a higher deposit amount if you are on a temporary contract or have been in your job for a short period of time. On the other hand, if you have a stable employment history and a permanent contract, you may be able to pay a lower deposit amount.

Residential Status

Finally, your residential status can also play a role in determining the deposit amount you need to pay. If you are a first-time buyer, you may be able to pay a lower deposit amount, as some lenders offer special deals for first-time buyers. However, if you are a non-UK resident or have been living in the UK for a short period of time, you may need to pay a higher deposit amount.

In summary, the deposit amount you need to pay as a skilled worker visa holder can be influenced by several factors, including the property value, credit score, employment status, and residential status. It’s important to do your research and shop around to find the best mortgage deal that suits your needs and financial situation.

skilled workers | UK government website

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