Suffolk Building Society has relaxed criteria when lending to foreign nationals, expats and downsizers.
Previously, foreign national mortgage applicants had to have worked in the UK for at least two years and have a minimum of two years remaining on their visa.
With immediate effect, applicants with Suffolk 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.
“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,” said Charlotte Grimshaw, head of intermediaries at Suffolk Building Society.
“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.”
Criteria has also been relaxed for expat borrowers, with Suffolk’s minimum income requirement for expat BTLs reducing from £40,000 to £25,000.
The minimum age for expat BTL borrowers has also been reduced from 21 to 18.
The building society has also increased its available LTV for downsizers from 50% to 70%, recognising the demand for interest only lending.
Charlotte added: “These criteria changes reflect our ongoing commitment to inclusivity, innovation, and understanding the evolving needs of today’s borrowers.”
