Hanley Economic Building Society has launched a range of shared ownership mortgage products for foreign nationals living and working in the UK, with no minimum UK residency period.
The new range consists of a five-year variable discount mortgage with an initial rate of 5.85%, representing a 1.89% discount from the Society’s standard variable rate, currently 7.74%, and a five-year fixed rate mortgage at 5.99%.
Both products are available up to 95% LTV for purchase and remortgage purposes on a capital and interest repayment basis. Each has a £999 arrangement fee, a minimum loan of £30,000 and a maximum loan of £600,000.
Applications are accepted from foreign nationals holding a skilled worker visa, health and care worker visa or global talent visa. Dependant visa holders may apply as joint applicants.
There is no minimum visa duration requirement, with visas verified through the Home Office Share Code service or by submitting a copy of the visa and accompanying letter.
The products can be used on properties in England and Wales. Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring.
Samantha Ward, commercial director at Hanley Economic Building Society, commented: “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.”
