Halifax has announced changes to lending criteria for non-UK nationals that will help more customers looking to buy a permanent home in the UK.
Halifax is lowering the minimum income requirement for applicants that have lived in the UK for a minimum of one year to £50,000 for individuals and £75,000 for joint applications.
The bank will now lend up to 95% LTV for borrowers who have lived in the UK for more than five years, who have permanent right to reside, have lived in the UK for a minimum of one year and have an individual income of more than £50,000 (joint income of £75,000), or have an individual income of £75,000/£100,000.
For customers with less than one year in the UK, Halifax can still proceed if they meet the previous minimum income requirement (individual £75,000, joint £100,000), or at a maximum 75% LTV.
Amanda Bryden, head of Halifax Intermediaries & Scottish Widows Bank, said: “The feedback we’ve received shows the market for non-UK national’s wanting to buy a permanent home has been underserved and that there is demand for a greater level of mortgage lending.
“By lowering the minimum income for non-UK applicants, we are increasing the opportunities for home ownership and for brokers to extend the products and services they offer to clients they may previously not have been able to support.”
