In response to broker feedback, Principality Building Society has chanaged its lending policy for Non-European Economic Area (EEA) applicants.
From February 2024, the lender will allow up to 95% loan-to-value (LTV) lending for EEA and non-EEA applicants.
The society also reduced the mandatory length of time a non-EEA national must have resided in the UK from three years to two, subject to passing a credit score.
The minimum amount of time remaining on the applicant’s visa was also reduced from two years to 12 months.
These were the latest in a series of criteria changes from Principality in the past few years, as the society aims engage with professionals with visa considerations.
As part of its commitment to making more possible for clients, the society’s business development managers (BDMs) and underwriting team have worked with brokers to make exceptions for applicants in high demand specialist or highly skilled roles, including medical professionals working for the NHS.
This included increasing income multiples for both newly qualified professionals and NHS workers.
Helen Lewis, national intermediary manager at Principality, said: “As a lender Principality has engaged with brokers to help identify how we can develop our criteria to support their clients.
“We have taken a common-sense approach to lending understanding that not every case is straightforward.
“Feedback from brokers suggests there is an increased difficulty finding a suitable solution for their non-EEA clients.
“The introduction of these changes to our lending criteria will hopefully make mortgages more accessible for clients looking to purchase a home in the UK.”
