Case Study: Buying a Home in UK as New Residents in the Country – A Family’s Journey to Securing their First Home 

Adam Tovey BA (Hons), Cert CII (MP&ER)

Director | Independent Mortgage & Protection Adviser @ Prism Mortgage & Protection Advice

Existing customers pointed a husband and wife in my direction.  They had secured professional roles in the UK in 2021 and took the leap of faith to relocate here from a foreign country with their teenage daughter. Though my customers were working in well-paid professional roles here, they had not yet secured indefinite leave to remain. As first-time buyers, my customers felt daunted by the mortgage process and they feared the complication of being foreign nationals would mean their dream of buying a home in the UK was unachievable.   

Challenges and Objectives 

The primary challenges faced were: 

1. Foreign Nationals & Residency:  Mortgage lenders have specific policies around buying a home in the UK for recent immigrants without indefinite leave to remain. 

2. Income Stability:  One of the couple held two agency job roles.  A significant portion of their income was also paid as commission.  Mortgage lenders generally view incomes of this nature as less stable. 

3. Term into Retirement:  My customers wanted to minimise their monthly mortgage payment in the early years.  Their wanted to stretch the term of their mortgage to their 75^th birthdays at this point.  Mortgage lenders take differing approaches to this priority. 

Their objectives were clear: 

• Secure a mortgage and ensure it is the most cost-effective and suitable solution available across the whole of the market 

• Protect each other, their family and their new home – no matter what life throws their way 

The Solutions:

As always, I tailored my advice to my customer’s circumstances: 

1. Unique Lender Policy:  I identified and approached lenders who take a logical view around residency and employment backgrounds. 
2. Income Assessment:  I worked with my customers to meticulously document their income history and projections to highlight the stability of their earnings. 
3. Insurance Solutions:  I prepared a comprehensive package of solutions to ensure my customers are protected should either of them: 
   • Pass away:  So the survivor could repay the mortgage balance in full 
   • Be diagnosed with a listed critical illness:  So they could repay their mortgage balance in full and concentrate on their recovery 
   • Become unable to work as a result of a qualifying accident or illness:  So they could continue to receive an income and pay their bills 

I also ensured that my customers protected their home and their contents with 5* rated Home Insurance. 

The Outcome:

After thorough preparation: 

• I successfully secured the most cost-effective and suitable mortgage terms available across the whole of the market.  By presenting my customer’s circumstances effectively, I ensured they were able to borrow their required amount, minimising their deposit 

• The insurance package gave them the peace of mind that they, their family and their first home were protected. 

Conclusion:

The above highlights the importance of having a knowledgeable mortgage broker able to navigate complex circumstances. 

Whether you are a first-time buyer, new to the country, or have unique employment conditions, our expertise can make your dream of owning a home a reality. 

If you find yourself in a challenging situation or just need guidance through the mortgage process, contact us today to see how we can help you.