Dudley Building Society has launched a full Skilled Worker Visa lending proposition following a successful pilot, supported by a refreshed suite of products aimed at borrowers working in the UK on Skilled Worker Visas.

The expansion formalises the Society’s approach to a segment that has grown steadily in recent years, giving brokers a defined set of criteria and a new range of fixed and discounted options.

The Dudley will consider applicants who have lived in the UK for at least 12 months, have a minimum of 12 months remaining on their visa and earn at least £30,000.

Lending is available up to 90% loan to value, with gifted deposits permitted for up to half of the total deposit.

The society said it will consider applicants from any country of origin and a broad variety of professions. More complex scenarios can be reviewed through a personalised assessment, reflecting the Dudley’s longstanding preference for manual underwriting.

Joint borrower sole proprietor applications are accepted, including those involving non-family members, and all cases are assessed without credit scoring.

NEW PRODUCT RANGE

The lender has introduced a set of fixed and discounted products to support the roll-out. All come with a £999 arrangement fee and standard early repayment charges, with borrowers able to repay up to 10% each year without penalty.

Two-year and five-year fixes are available at 80% loan to value, each priced at 5.45%, alongside two-year and five-year fixes at 90% loan to value, priced at 5.70%.

For borrowers preferring variable options, the Society has launched a two-year discount at 80% loan to value with a reduction of 2.69 percentage points from its standard variable rate, and a two-year discount at 90% loan to value with a 2.54 percentage point reduction.

All products are offered on a capital and interest basis. Lending across the Society’s wider residential and specialist ranges starts from £25,000 and extends to £2.5 million.

BROKER FOCUS

Rob Oliver, distribution director at Dudley Building Society, said: “We have seen consistent interest from brokers supporting clients on Skilled Worker Visas.

“By expanding this proposition to the whole market and refreshing our products, we want to give brokers a clear framework to work within and a straightforward route to place these cases.

“Our manual approach allows each case to be assessed on its own merit. This update ensures brokers can include Dudley Building Society in their considerations when working with Skilled Worker Visa clients.”