Hi

Does anyone happen to know any mortgage lenders who dont need a 20% deposit before they will lend temporary visa holders money? If anyone knows any who will accept up to 10% please let me know.

Thanks

quote:

Originally posted by jandm:
Hi

Does anyone happen to know any mortgage lenders who dont need a 20% deposit before they will lend temporary visa holders money? If anyone knows any who will accept up to 10% please let me know.

Thanks

G'day

It is illegal to lend more than 80% of a property's value to a temporary resident. If you have propertry or other assets in the UK thare are some specialised lenders who may consider a loan secured by overseas assets.

Your only other option is probably a loan shark or a launderer of drug money. If you use these sources, I hear the penalty conditions can be somewhat onerous.

A 90% loan is possible however you would need 14% (10% deposit, 4% to cover costs such as stamp duty) and then it is possible to get a home loan while on a 457 visa.

Check out more information on 457 Visa Mortgage here.

Temporary residents can get home loans up to 95% LVR whilst on a 457 visa. Some lenders recognise that particular visa holders are virtually guaranteed permanent residency once they have completed the term of the visa and will therefore apply more relaxed policy.

More information on 457 Visa Mortgage