Suffolk Building Society is relaxing its criteria for foreign nationals, expat borrowers, and those who intend to downsize in the future.
Lending to foreign nationals
As the UK continues to attract professionals, investors, and families from around the world, the Society says it recognises the need for a more flexible and supportive approach to lending.
Previously, foreign national mortgage applicants to the Society were required to have worked in the UK for at least two years and to have a minimum of two years remaining on their visa. From today, applicants will now only need 12 months of UK employment and 12 months remaining on their visa. Eligible visa types include skilled worker (formerly Tier 2) and health and care worker visas, as well as global talent visas.
Expat criteria changes
The Society is also updating its criteria for expat borrowers - British citizens who usually live and work outside the UK. The minimum income requirement for expat buy-to-let is being reduced from £40,000 to £25,000, and the minimum age for expat residential borrowing has been lowered from 21 to 18, helping more expats get onto - or stay on - the UK housing ladder while living overseas.
Downsizers
For borrowers looking to downsize at the end of their interest-only mortgage, Suffolk Building Society is increasing the available LTV from 50% to 70%.
Other acceptable repayment vehicles include endowments, ISAs, pension lump sums, and the sale of background properties. While this update is not limited to older borrowers, it is likely to appeal particularly to those borrowing later in life.
Charlotte Grimshaw (pictured), head of intermediaries at Suffolk Building Society, said: “As a building society that specialises in expat and complex income cases, it’s only natural that, as the foreign national market has grown, we’re seeing more enquiries of this nature. We’re particularly pleased to be able to give brokers clarity on qualifying visas, as well as help those in health and care work to get onto the UK property ladder.
“These criteria changes reflect our ongoing commitment to inclusivity, innovation, and understanding the evolving needs of today’s borrowers”.
