Buckinghamshire Building Society has launched a new two-year fixed rate mortgage for applicants on a skilled worker visa, with lending available up to 90% LTV for the first time.
The product is priced at 6.35% and can be used for both purchase and remortgage purposes, with a maximum loan size of £750,000. The product represents an expansion of the Society's criteria for foreign national borrowers, having previously capped LTVs at 80% for this group.
To be eligible, applicants must have lived and worked in the UK for the past two years and be able to evidence their deposit has been saved independently. Gifted deposits are not accepted under this product and a £999 product fee applies.
The new product complements Buckinghamshire's manual underwriting approach, allowing for greater flexibility and case-by-case decisions, with the aim of helping borrowers with specialist income or visa requirements.
This announcement follows last month’s move to increase the maximum LTV on its Credit Restore range from 70% to 75%.
Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society, commented: “We know there are many people contributing to the UK economy under the skilled worker visa scheme who are more than capable of sustaining homeownership, but have struggled to access competitive mortgage options, particularly at higher LTVs.
“At Bucks, we want to support those who don’t yet have indefinite leave to remain but have shown commitment and stability through sustained UK residency and employment. This product gives those individuals a fair opportunity to buy or remortgage their home, with the personal and manual underwriting approach we’re known for.”
