Hinckley & Rugby Building Society has launched a range of mortgages to help skilled foreign workers in the UK own their own home.
The mutual says its latest solution for Skilled Worker and Health & Care Worker visa holders overcomes three “significant” barriers: no minimum income is required, no minimum UK residency is necessary, and no minimum duration remaining on the current visa is required. If there is less than six months remaining on the current visa, it must be evidenced before completion that the visa extension has been granted.
In addition, it offers up to 95% LTV (capped at 90% if UK residency is less than 12 months).
This new product range features two-year fixed deals at 6.49% up to 90% LTV and 6.79% up to 95% LTV, and five-year fixed deals at 5.99% up to 90% LTV and 6.39% up to 95% LTV.
Laura Sneddon (pictured), the Hinckley & Rugby’s head of mortgage sales, said: “Bringing their essential skills to the UK, and committing to a new life here, skilled foreign workers deserve the opportunity to feel they truly belong, and owning their own home is a big part of that.
“They’re vital to the national interest, contributing much-needed skills to essential services like the NHS, and we feel that enabling them to own their own home sooner rather than later is incredibly important.
“What’s more, with demand for rental properties seriously stressed, and in some areas almost at breaking point, helping foreign workers onto the property ladder has a positive knock-on effect for everyone in the UK who needs a home.”
Christopher Holmes, the mutual’s products senior manager, added: “We spend a lot of late nights coming up with new products and making adjustments to existing products, for the single purpose of delivering what homebuyers really need in today’s world.
“We live in an inclusive country, and it’s time the UK showed its skilled foreign workers how much we value them being part of our society. In our own small way, that’s what Hinckley & Rugby has set out to achieve with our new mortgages for skilled foreign workers.”
