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Buachaill, Barrister
Category: Law
Satisfied Customers: 10527
Experience:  Barrister 17 years experience
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I am an international student with a tier 4 visa studying

Resolved Question:

Hi, I am an international student with a tier 4 visa studying in the UK, I am currently doing my postgraduate programme and my dad wants to buy an apartment for me in the UK, I wanted to ask whether it is possible and how I can go about doing that, especially the mortgage part since my visa is going to expire in 2016 but I am planning to do my Ph.D. in the UK and, if possible, get a job. What should be the my first step.
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Any foreigner may purchase property in the UK. This is because there are no restrictions upon foreign ownership of UK property. So your father may safely purchase property in the UK for you.
Expert:  Buachaill replied 1 year ago.
2. When you approach a financial institution or bank for a mortgage, it will make no difference that your visa may expire in 2016, so long as you have a good financial case that you will repay the mortgage monies. The bank is only tangentially interested in your visa situation.
Expert:  Buachaill replied 1 year ago.
3. So, if you want to get a mortgage to purchase property in the UK, you will have to have someone who will fund the repayment of the mortgage monies whilst you continue your studies to PHD level in the UK. So this is the issue which will be of prime importance when getting a mortgage, not your visa situation.
Customer: replied 1 year ago.
Hi, your response was good and really helpful but in a situation like mine, that I don't have anybody that i know in the UK to fund my repayment, does it mean that i have to pay for the property in full or
Customer: replied 1 year ago.
Are there other ways I can go about it, Thanks
Expert:  Buachaill replied 1 year ago.
4. The person who funds your repayment of the mortgage whilst you are a student does not have to live in the UK. Your father in your home country can do so. However, be aware that as a rule, banks in the UK don't lend to students for a house purchase as there is no income to pay the repayments.
Expert:  Buachaill replied 1 year ago.
5. BAnks like a borrower with cashflow so that mortgage repayments have to be serviced. This is why students rarely are able to borrow money for a house purchase. Normally a house or apartment purchase would be funded in its entirety for a student by a parent or other person.
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