Hanley Economic launches shared ownership mortgages for foreign nationals

Hanley Economic Building Society has introduced two shared ownership mortgages for foreign nationals living and working in the UK, with no minimum residency period.

The range comprises a five-year variable discount mortgage with an initial rate of 5.85% and a five-year fixed-rate mortgage at 5.99%.

The variable rate represents a discount of 1.89% from the society’s standard variable rate, which is currently 7.74%.

Both mortgages are available for purchases and remortgages at up to 95% loan-to-value on a capital and interest repayment basis. Each carries a £999 arrangement fee, with loans available from £30,000 to £600,000.

Applications will be considered from foreign nationals holding a Skilled Worker visa, Health and Care Worker visa or Global Talent visa. Dependant visa holders can apply as joint applicants.

There is no minimum visa duration requirement. Applicants can verify their status through the Home Office Share Code service or submit a copy of their visa and accompanying letter.

The products are available on properties in England and Wales through the society’s branch network and selected intermediary channels. Applications will be assessed individually by its in-house underwriting team without credit scoring.

Samantha Ward, commercial director at Hanley Economic Building Society, said: “Foreign nationals can have secure employment, a reliable income and a clear ability to meet their monthly commitments, yet the length of time they have lived in the UK can dramatically reduce the number of mortgage options open to them.

“This is why we believe it’s important to look beyond residency length and consider the applicant’s wider financial position.

“Combining this approach with a shared ownership option may provide a practical route into homeownership for people who can afford the ongoing costs but have not yet had the time to build a large deposit.

“It also gives brokers another option for eligible clients whose financial circumstances support homeownership, but whose residency history may restrict their choices elsewhere.”