The Cambridge Building Society and Newcastle for Intermediaries have made changes to their lending criteria.
The Cambridge will now accept mortgage applications from customers without permanent rights to reside in the UK, who can apply for a mortgage for up to 90% of the property value.
Foreign nationals on a Skilled Worker Visa, Global Talent Visa, or Health and Care Worker Visa can now apply for a mortgage of up to 90% of the property value, including shared ownership loans.
To qualify, applicants must have lived in England or Wales for at least two years.
For joint applications where one applicant holds permanent residency, the loan-to-value (LTV) increases to 95%, requiring just a 5% deposit.
The Cambridge intermediary manager Kathy Bowes says: “We are pleased to further strengthen our support for foreign nationals by increasing the loan-to-value to 90%. This change demonstrates our commitment to helping individuals who are looking to live and work in the UK after successfully applying for a visa.”
“For 175 years, we’ve been helping people buy their own homes, and we’re delighted to extend this support to key professionals and workers who want to call the United Kingdom home.”
Meanwhile, Newcastle for Intermediaries has increased the maximum LTV for new build houses to 95%.
The change means new build buyers could secure a Newcastle Building Society mortgage with a 5% deposit.
As part of the new proposition, there is a 5.48% fixed rate until 31st March 2030 (6.6% APRC) up to 95% LTV, available with no product fees and a free standard valuation.
The 95% LTV products are available for both house purchase and remortgage and offer up to 10% overpayments but early repayment charges apply.
Newcastle Building Society head of intermediary mortgages Franco Di Pietro comments: “We understand that achieving the dream of homeownership remains a challenge, that’s why we’re committed to supporting as many borrowers as possible in getting a foot on the property ladder or moving onwards to their next home.”
“By increasing our maximum LTV for lending on new build houses, we’re able to provide our broker partners with a greater number of options and more flexibility for their clients.”