Can you get a help to buy scheme with a tier 2 visa?
In theory, yes. The help to buy scheme is for residents of the UK and if you can prove you are a UK resident based on the amount of time you spend in the UK with your tier 2 visa then you should be able to prove your eligibility for the help to buy scheme.
What is the help to buy scheme?
The help to but schemes are a bunch of government schemes put together by the UK government to help more first-time buyers and home movers get on the property ladder faster and at a more affordable rate.
The help to buy scheme includes but is not limited to:
- The shared ownership scheme
- The help to buy ISA
- The help to buy equity loan
- The rent to own scheme
- The armed forces help to buy
- The intermediate rent
What do you need to be eligible for the help to buy scheme?
So regardless of if you have a tier 2 visa or not you will need to meet this eligibility requirements.
To be eligible for the help to buy equity loan you will need:
a minimum of 5% for your mortgage deposit
You cannot purchase a buy to let property
You cannot rent out any part of the help to buy property
Your property cannot be more than £600,000
You must be a first-time buyer or a home mover with no other property in the world.
You can only use a standard repayment mortgage, you won't be able to use any unique type of mortgage such as a guarantor mortgage or offset mortgage.
You cannot use any other Government schemes with your help to buy scheme aside from a help to buy ISA.
To be eligible for the help to buy shared ownership you will need:
To have an annual maximum household income of £80,000 outside London & £90,000 in London
A monthly income which is at least 65% more than the monthly cost of the shared ownership property you intend to purchase. This, of course, depends on the price of the property and how much you want to purchase(which will directly affect the rent you pay).
A 5% mortgage deposit is usually a good guide
You should not be able to afford the home on the open market
You should have at least £4,000 to cover the costs of the mortgage and transaction. This is a guide.
You should have a good credit file without any CCJ, recent credit defaults, IVA or bankruptcy order.
You should be a first-time buyer but if you do own a home you should be in the process of selling it and would need to have sold it before you will be eligible for a new shared ownership property.
Why a tier 2 visa may stop you from accessing the Governments help to buy scheme?
The governments help to buy scheme finding is very limited and you may find that after filling in a help to buy property information form as part of the application process you may end up being denied for the help to buy schemes.
This may not necessarily have much to do with your eligibility but the regional help to buy agency just putting a preference on naturalised citizens of the UK and by default looking to avoid any situations where it may not already be clear that the help to buy applicant will be eligible for the help to buy scheme.
Note: The help to buy scheme makes no specific mention of tier 2 visas. This article has been put together based on research from information put out by the help to buy agency