MPowered Mortgages has changed its lending criteria for high-skilled foreign nationals across its range of products.
The lender said the change forms part of its mission to make the mortgage market accessible to as many people as possible.
MPowered now offers loan-to-value (LTV) loans of up to 90%, increased from 85% for high-skilled foreign nationals Tier 2 visa holders with a job offer.
It noted that core maximum LTV limits may still apply to certain 90% LTV loans.
It added that it will now not require a minimum income or require the borrower to have lived in the UK for a minimum period. However, for customers who have been in the UK for less than two years, LTVs will be capped at 75%.
Currently, the lender offers products to foreign nationals with the following visas: Tier 1 visa holders, Tier 2, high-skilled visa holders with a job offer, Tier 2 spousal dependent visa holders, if applied for with a Tier 2 visa holder with a job offer.
It also accepts applicants with settled and pre-settled status under the EU Settlement Scheme
MPowered Mortgages chief executive Stuart Cheetham said: “We are constantly looking to understand the market’s challenges, and our regular conversations with brokers have highlighted the considerable demand for foreign national loans. In response to this, we are delighted to follow up on last week’s rate reductions with new lending criteria for non-UK nationals, making it easier for borrowers in a traditionally more under-served section of the market to take their first step onto the property ladder.”
