Buckinghamshire Building Society has extended its mortgage offering for foreign nationals with the launch of a new two-year fixed-rate product aimed specifically at applicants on a Skilled Worker visa.
The mutual has increased its maximum loan-to-value for this borrower group from 80% to 90%.
The new product is available immediately and is priced at 6.35%. It can be used for both home purchases and remortgages, with a maximum loan size of £750,000. A product fee of £999 applies.
To qualify, applicants must have been living and working in the UK for a minimum of two years and must demonstrate that their deposit has been saved independently. Deposits derived from gifts are not accepted under the terms of this mortgage.
The Society said the introduction of the product aligns with its manual underwriting process, which allows for individual assessments of borrowers with non-standard circumstances, including specialist income profiles and visa requirements.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said the change was intended to widen access to homeownership for those contributing to the UK economy under the Skilled Worker visa scheme.
“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,” she said.
“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.”
The announcement follows the Society’s decision last month to increase the maximum LTV on its Credit Restore range from 70% to 75%, a move aimed at giving brokers greater flexibility when helping clients with impaired credit histories.
