About The Author

mortgage broker damian youell

See some of Damian's client reviews below

Damian is an experienced mortgage broker, founder of NeedingAdvice.co.uk Ltd and company director. With over a decade working as a mortgage broker he has a strong understanding of hard to place mortgage cases. With hundreds of 5 star client reviews. hundreds of repeat clients his work speaks for himself.

He started NeedingAdvice.co.uk as a one man band with the philosophy of putting clients needs ahead of his own. This ethos of offering excellent customer service has helped the business grow over the years. He gets satisfaction on getting cases pushed through to offer stage where other mortgage broker and companies have failed.

Throughout his time as an adviser he has carved out a niche area of advice helping clients with their business protection requirements too. Having helped hundreds of client with Relevant Life Policies, Shareholder Protection Insurance, Keyperson Policies and other important protection requirements of large to small businesses.

At home he is a family man and likes to spend his time with his four children and wife Lisa. He enjoys going on holidays spending time with friends and going for walks.

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In the wake of the escalating crisis in Ukraine, nations worldwide are witnessing a massive influx of Ukrainian refugees. Securing stable and safe accommodation emerges as a significant challenge in the long list of issues these displaced individuals face. In response to this, the mortgage lender industry, along with various government initiatives, are stepping up to provide feasible solutions.

This article will delve into how these mechanisms work and offer a useful guide for bank account management for Ukrainian refugees in the UK.

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Damian Youell

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How We Work

1: We contact you and take down your details, income outgoings, name, address etc.

2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.

3: You upload the documents and information needed via our channel our online portal.

Feel Free to Contact Us

Making Homes Safe and Stable

To accommodate the increasing numbers of Ukrainian nationals seeking refuge, the government has rolled out a unique initiative. This initiative invites homeowners with an existing mortgage to become potential sponsors, offering their homes as a refuge for a specified period. The primary objective is to create secure homes, mostly in the form of self-contained residential properties. Homeowners interested in offering their homes need to be aware of the associated mortgage implications.

Demystifying Mortgage Implications

Deciding to host a Ukrainian family or individual can potentially alter the current mortgage deal that homeowners have with their mortgage provider. Therefore, it’s crucial to initiate a conversation with your mortgage broker or lender, explaining your intentions, and comprehending any potential financial implications that may arise.

The government encourages mortgage holders to seek their mortgage provider’s consent before signing any tenancy agreement, formal or informal, with the refugees. Characterising the agreement informally allows the refugees to be considered non-paying guests, limiting any potential commercial gain and bypassing the implications of a typical shorthold tenancy.

In response to this, mortgage providers, including conventional banks and building societies, have shown a positive approach. For example, Virgin Money has allowed its mortgage holders to house refugees without affecting their current borrowing limit or terms for mortgage renewal.

Insurance Considerations

The role of insurance companies in this scenario is equally critical. Homeowners must review their insurance cover with their respective insurance providers, as accommodating a refugee family may impact the terms of their existing insurance policies.

As an insurance policyholder, it’s essential to ensure that you are covered for any additional costs that may result from potential damages or accidents. Insurance companies like Admiral Home Insurance and Ceta Insurance are offering flexibility to their policyholders, allowing Ukrainian guests to be housed without needing to alter existing policies.

Financial Provisions for Ukrainian Refugees

In terms of financial services for Ukrainian refugees, there’s a variety of bank accounts available. For instance, Lloyds Bank offers accounts in both Russian and Ukrainian languages, easing the banking transactions for Ukrainian refugees. In an attempt to lessen the financial burden, banks are also waiving off sterling transaction fees.

Furthermore, Ukrainian refugees can avail themselves of public services and benefits, like Child Benefit, to manage living and subsistence costs. Such provisions highlight the unified efforts by different sectors to assist these refugees during these challenging times.

Meeting Necessary Requirements

Government schemes require homeowners to conduct additional checks. These include assessments of accommodation suitability and basic DBS checks to ensure a safe and fitting environment for the refugee family.

Regarding the accommodation’s space allocation, there are specifications concerning bathroom and annexe space. There’s a set maximum duration for how long children can share the same room. All adults must have separate sleeping arrangements.

The process of sponsorship arrangement also mandates the prospective sponsor to submit an email address and details from the Ukrainian passport of the refugees. For those sponsoring children, understanding and meeting guardian consent requirements is essential.

Navigating Formalities

The government has provided a model agreement to help homeowners define the terms with their Ukrainian guests. Citizens Advice can offer useful assistance in this aspect, as well as in providing advice on school admissions and other public services.

These measures are part of larger initiatives across various regions. An example is the Welsh Devolved Government Sponsorship Schemes backed by the Welsh Government. These schemes focus on providing additional housing for refugees, particularly those offering private accommodation.

However, while these measures are a step in the right direction, it’s vital to remember the unique circumstances of each Ukrainian individual. Hosting a refugee family is a significant commitment, both emotionally and financially. Yet, it’s during these challenging times that our collective efforts can make a real difference.

Addressing Potential Exploitation

Sadly, there have been instances where Ukrainian refugees have been targeted with ‘opportunistic’ zero-deposit mortgage deals. Both potential sponsors and Ukrainian individuals need to be wary of such practices and always seek guidance from trusted sources like experienced mortgage brokers and advice centres, such as Citizens Advice.

Prospective hosts should also engage with local authority officials to understand any authority funding or support available for those sponsoring accommodation. They should also comprehend any potential impact on visa applications or implications for existing visa holders.

Final Thoughts

For Ukrainian refugees, navigating through formalities related to mortgage and insurance can seem overwhelming amidst the emotional turmoil. However, the combined efforts of mortgage providers, government schemes, insurance companies, and public services aim to ease this process and offer secure, stable homes.

Every effort counts. As a host, you provide more than just a residential address; you offer a chance for these individuals to rebuild their lives. The first step is to provide a safe space, but the journey doesn’t end there. It’s the ongoing support and care that truly change lives.

Damian Youell

Feel Free To Start WhatsApp Chat With Us...

How We Work

1: We contact you and take down your details, income outgoings, name, address etc.

2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.

3: You upload the documents and information needed via our channel our online portal.

Feel Free to Contact Us


Can Ukrainian refugees get a mortgage in the UK?

Yes, Ukrainian refugees who have been granted indefinite leave to remain in the UK are eligible to apply for a mortgage. However, there are some additional requirements that they must meet, such as having a minimum income and a deposit of at least 5%. You can contact a mortgage broker to help you with the mortgage application process.

What are the benefits of getting a mortgage in the UK for Ukrainian refugees?

There are several benefits to getting a mortgage in the UK for Ukrainian refugees, including:

  • It can help them to buy a home and build a new life in the UK.
  • It can give them stability and security.
  • It can help them to raise a family in the UK.
  • It can give them access to better schools and healthcare.

What are the challenges of getting a mortgage in the UK for Ukrainian refugees?

There are also some challenges to getting a mortgage in the UK for Ukrainian refugees, including:

  • They may not have a UK credit history.
  • They may not have a UK bank account.
  • They may not be able to afford a deposit of 5%.
  • They may not be able to meet the minimum income requirement.

How can Ukrainian refugees find a mortgage in the UK?

There are a number of ways that Ukrainian refugees can find a mortgage in the UK, including:

  • Contacting a mortgage broker who specialises in helping refugees.
  • Searching online for mortgage lenders who offer mortgages to refugees.
  • Attending a mortgage event for refugees.
  • Asking friends, family, or community members for recommendations.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments.