UK mortgages for NRIs

Getting a UK mortgage as an NRI is less about the rate on offer and more about finding a lender who will accept your circumstances. Visa type, time in the UK, how you are paid and how much UK credit history you have all narrow the field.

What lenders look at

• Your visa. Many lenders prefer applicants with settled status or a set amount of time left on their visa; others lend to people on skilled worker visas from their first months in the UK. Policies differ widely.
• Your UK credit history. A short history is the most common reason NRIs are turned down by mainstream lenders. Paying bills and a credit card from a UK account builds it over time.
• How you are paid. A salaried job is the simplest case. Contractors and the self-employed usually need a lender that understands their income.
• Your deposit. Most lenders want between 5% and 25% of the price, and a bigger deposit, which means a lower loan-to-value, usually gets a better rate.

Your UK tax position matters to lenders too; our UK tax guide covers it.

Why a broker helps

Going to one bank shows you only that bank’s products, and banks’ appetite for NRI borrowers varies. A mortgage broker compares lenders for you, including building societies and specialist lenders that are often more flexible on visas and credit history. Before you use one, ask how many lenders they cover, whether they handle NRI and expat cases regularly, and whether they charge a fee.

Funding the deposit from India

• NRE and FCNR accounts. Money in these can be sent abroad freely, so they are the simplest source of a deposit.
• An NRO account. You can send up to USD 1 million a financial year abroad, once Forms 15CA and 15CB are done. Speak to your chartered accountant, and use our repatriation calculator to see the steps and timings.
• A gift from family. Most UK lenders accept a gifted deposit if the giver signs a letter confirming it is a gift, not a loan, and can show where the money came from.

Our NRI banking guide explains the difference between NRE, NRO and FCNR accounts.

Next steps

Once you have a mortgage offer, a solicitor handles the legal transfer; see our legal guide. For UK NRIs, NRIWallah works with (affiliate link. Your home may be repossessed if you do not keep up repayments on your mortgage.), a digital mortgage broker that charges no upfront broker fee. This is a partner link; see how we make money.