Vida Homeloans has updated its lending criteria for foreign nationals, improving accessibility for its products.
For cases where at least one borrower does not have permanent rights to reside in the UK and the LTV is above 75%, Vida has reduced the minimum income eligibility for joint applications.
Previously, the main borrower in an application needed to earn £50,000 but now a combined total income of £70,000 between a couple is acceptable.
Applications where the main borrower earns at least £50,000 and the combined income is less than £70,000 remain acceptable.
At the same time Vida has put in place a higher threshold for ignoring CCJs and defaults, when allocating product tiers from £250 to £500 across all product tiers.
The existing threshold for ignoring unsecured missed payments under £250 remains unchanged.
“The affordability enhancement builds on the improvements we’ve delivered for Foreign National customers,” said Ross Williams, head of mortgage product management at Vida Homeloans.
“It means that couples applying together can combine their incomes to meet eligibility requirements, providing greater flexibility and opening more opportunities for Foreign National customers looking to secure a mortgage in the UK.
“By increasing the thresholds for CCJs and defaults we disregard, we’re making it easier for customers to secure a mortgage without being held back by historic issues — while maintaining responsible lending standards.”
