Darlington Building Society has made positive changes to its skilled worker visa mortgage products.
The changes make it easier for borrowers on this scheme to access higher loan-to-value (LTV) mortgages.
From Monday (3 February), the society will remove the restriction on the minimum time remaining on visa for applicants seeking 90% LTV mortgages. Previously, borrowers needed to have at least two years remaining on their VISA to qualify.
The society says its change addresses the growing demand for flexibility in this market segment, where many potential borrowers were unable to secure a mortgage due to this restriction.
Additionally, for applicants requiring 95% LTV mortgages, Darlington Building Society will eliminate the minimum income threshold. Previously, a sole income of £60,000 or a joint income of £90,000 was required.
While the minimum two-year VISA requirement will remain in place for 95% LTV products, this change broadens access to skilled workers with more varied income levels.
A key feature of these mortgages is the flexibility they offer, with no minimum time required for applicants to have lived in the UK. In addition, it has an assessment process based on a credit search rather than a credit score.
Christopher Blewitt (pictured), head of mortgage distribution at Darlington Building Society, said: “The requirements of skilled workers on VISA arrangements are constantly changing, with an increasing demand for more flexible and customised criteria to support them in achieving their homeownership aspirations.”
“This is why Darlington Building Society is enhancing our skilled worker VISA mortgage offering by removing the minimum VISA time requirement for 90% LTV cases and eliminating the minimum income threshold for 95% LTV mortgages.
“We want to ensure that skilled workers have the opportunity to access the mortgage products they need, regardless of the complexities associated with their VISA status. By providing more inclusive options, we aim to help this group secure their first homes or move into properties that better suit their needs.
“For brokers working with skilled worker clients, we are here to support you with products and criteria that offer flexibility and opportunity. Please get in touch to see how Darlington Building Society can help you meet the needs of your clients and grow your business in this space.”
