If you’re a foreign national navigating the UK mortgage landscape, understanding the UK mortgage deposit for visa holders is essential. The biggest question we hear? “How much do I actually need?”
It’s a confusing, overwhelming process filled with misinformation and myths. But here’s the truth: You don’t always need a huge deposit to secure a mortgage. With the right knowledge and preparation, your dream of owning a home can become a reality.
In this guide, we explain exactly what deposit is required for foreign nationals and visa holders, and how to improve your chances of getting approved.
Why Your Visa Type Matters
Mortgage lenders don’t treat all visa holders equally. The type of visa you have plays a big role in determining how much deposit you’ll need. Generally, the shorter or more temporary your visa, the higher your deposit requirement.
Deposit Requirements for Different Types of Visa Holders
|
Visa Type |
Minimum Deposit Required |
Approval Likelihood |
|
Indefinite Leave to Remain (ILR) |
5-10% |
High |
|
Skilled Worker Visa (Tier 2) |
10-25% |
Moderate to High |
|
Spouse Visa |
10-25% |
Moderate to High |
|
Graduate Visa |
15-25% |
Moderate |
|
Investor Visa |
5-10% |
High (if substantial funds are evident) |
|
Temporary Visa (e.g., Tier 5) |
20-25% |
Low to Moderate |
Note: These percentages are approximate and can vary based on individual circumstances and specific lender criteria.
Can You Get a Mortgage With a 5% Deposit?
For most visa holders, securing a mortgage with just a 5% deposit is challenging but not impossible. The key factors that influence approval include:
- Having Indefinite Leave to Remain (ILR) or Settled Status.
- Strong UK credit history.
- Stable employment and proof of income.
- Working with specialist lenders who accept smaller deposits.
Tip: Working with a mortgage broker who understands foreign national mortgages can significantly increase your chances of approval. Book a mortgage call today.
Strategies to Secure a UK Mortgage Deposit for Visa Holders
If you don’t have a large deposit saved, here’s how you can still secure a mortgage:
- Build Your UK Credit History
- Register on the electoral roll.
- Apply for a UK credit card and make regular payments.
- Keep your credit utilisation below 30%.
- Pay all bills on time, including rent and utilities.
- Strengthen Your Application
- Provide proof of long-term employment.
- Have a detailed savings plan.
- Be prepared to provide extra documentation, such as references from employers or landlords.
- Explore Specialist Lenders
- Some lenders cater specifically to visa holders and accept lower deposits.
- These lenders may require higher interest rates but are often more flexible with approval criteria.
Real Experience from a Visa Holder
“Being on a Skilled Worker Visa, I was told by most brokers I’d need a 25% deposit. But thanks to First Time Finance’s guidance, I managed to secure a mortgage with just 10%. The process was smooth and stress-free.” – Trustpilot Review
FAQs About Deposits for Visa Holders
- Can I get a UK mortgage with a 10% deposit on a Skilled Worker Visa?
- Yes, many specialist lenders accept 10–15% deposits if you have strong income and documentation. Some even accept 5% with ILR.
- What visa types are eligible for low-deposit UK mortgages?
- Skilled Worker, Spouse, Graduate, and ILR visa holders are often eligible. ILR and Spouse Visas generally need 5–10%, others 10–25%.
- Can I use savings from abroad as my deposit?
- Yes, if the funds are traceable. Lenders require bank statements, proof of source, and confirmation that it’s a gift or your own savings.
- What if I’ve only been in the UK for 6 months?
- Some lenders accept applicants after 6–12 months in the UK if you have steady employment and meet affordability criteria.
- Will working with a broker help?
- Absolutely. Brokers specialising in foreign national mortgages can access lenders who accept smaller deposits and visa-specific profiles.
Final Thoughts: Make Your Homeownership Dream a Reality
The deposit requirement doesn’t have to be a barrier. With the right guidance, you can turn your dream of owning a home in the UK into reality. Whether you’re on a Skilled Worker Visa, Spouse Visa, or something else, there are options available.
Download the Foreign National Mortgage Blueprint to learn more and avoid common mistakes.
Talk to a Mortgage Specialist
