Suffolk relaxes standards for foreign nationals, expatriates and drops measures – Mortgage Strategy

The Suffolk Building Society relaxes standards for foreign nationals, foreign borrowers and homeowners who hope to reduce the scale in the future.

Previously, foreign nationals had to work in the UK for at least two years and have a visa for at least two years.

Starting today, both will be reduced to a year.

Qualified visa types include skilled workers (formerly 2nd floor), health and nursing staff visas and global talent.

For British citizens who usually live and work outside the UK, the minimum income requirement for foreigners to purchase is reduced from £40,000 to £25,000 per year.

The minimum age for foreign residential lending has been reduced from 21 to 18 years old to help more borrowers enter the housing ladder while working overseas.

For borrowers who want to scale down when interest-only mortgages end, the Suffolk Building Association raises the maximum loan value from 50% to 70%.

Suffolk said the move recognizes the need for interest-only loans and the use of interests to support borrowing requirements at various stages of life.

Other acceptable repayment tools include donations, ISA, pension group and sales of another property.

The update is not limited to older borrowers, but lenders expect the change to prove useful to those who borrow later.

“As an architectural society specializing in foreign and complex income cases, it is natural that we have seen more of this nature inquiry as foreign national markets grow.

“We are particularly pleased to be able to bring brokers to a clearer level of eligible visas and to help health and nursing staff enter the UK’s real estate ladder.

“The changes in these standards reflect our ongoing commitment to inclusion, innovation and understanding the evolving needs of today’s borrowers.”

Suffolk’s research recently found that one in four homeowners in London plan to shrink.