Cambridge Building Society and Newcastle agencies have changed their lending criteria.
Cambridge will now accept mortgage applications from customers without permanent residence in the UK, who can apply for a mortgage of up to 90% of the property’s value.
Foreigners holding a skilled worker visa, global talent visa or health and carer visa can now apply for mortgages of up to 90 per cent of the property value, including shared ownership loans.
To be eligible, applicants must have lived in England or Wales for at least two years.
For joint applications where one applicant has permanent residency, the loan-to-value (LTV) ratio increases to 95%, with only a 5% deposit required.
Kathy Bowes, Cambridge Agency Manager, said: “We are delighted to further strengthen our support for foreigners by increasing our loan-to-value ratio to 90%. This change demonstrates our commitment to helping those who wish to apply for a visa after successfully applying for a visa. Individuals living and working in the UK.
“We’ve been helping people buy their own home for 175 years and we’re delighted to extend this support to key professionals and workers who want to make the UK their home.”
Meanwhile, Newcastle agents have increased the maximum LTV for new build homes to 95 per cent.
The change means new-build buyers can get a Newcastle Building Society mortgage with a 5% deposit.
As part of the new proposal, there will be a fixed interest rate of 5.48% (APRC is 6.6%) up to 31 March 2030, an LTV of up to 95%, no product fees and free standard valuations.
The 95% LTV product is suitable for home purchases and remortgages and offers overpayments of up to 10%, subject to early repayment charges.
Franco Di Pietro, head of mortgage intermediaries at Newcastle Building Society, commented: “We know that achieving the dream of home ownership remains a challenge, which is why we are committed to supporting as many borrowers as possible to get on the property ladder or continue on towards property. market.
“By increasing the maximum loan-to-value ratio for new-build home loans, we are able to offer our broker partners more choice and greater flexibility.”
