Darlington Building Society has made significant changes to its skilled worker VISA mortgage products, making it easier for borrowers to access higher loan-to-value (LTV) mortgages.
Effective from Monday 3rd February, the society will remove the restriction on the minimum time remaining on VISAs for applicants seeking 90% LTV mortgages.
Previously, borrowers needed at least two years remaining on their VISA to qualify.
This adjustment addresses the growing demand for flexibility in this market segment, where many potential borrowers were previously unable to secure a mortgage due to this restriction.
Additionally, for applicants requiring 95% LTV mortgages, Darlington Building Society will eliminate the minimum income threshold.
Previously, a sole income of £60,000 or a joint income of £90,000 was required.
While the minimum two-year VISA requirement will remain in place for 95% LTV products, this change broadens access to skilled workers with more varied income levels.
Christopher Blewitt, head of mortgage distribution at Darlington Building Society, said: “The requirements of skilled workers on VISA arrangements are constantly changing, with an increasing demand for more flexible and customised criteria to support them in achieving their homeownership aspirations.
“This is why Darlington Building Society is enhancing our skilled worker VISA mortgage offering by removing the minimum VISA time requirement for 90% LTV cases and eliminating the minimum income threshold for 95% LTV mortgages.
“We want to ensure that skilled workers have the opportunity to access the mortgage products they need, regardless of the complexities associated with their VISA status.
“By providing more inclusive options, we aim to help this group secure their first homes or move into properties that better suit their needs.”
He added: “For brokers working with skilled worker clients, we are here to support you with products and criteria that offer flexibility and opportunity.
“Please get in touch to see how Darlington Building Society can help you meet the needs of your clients and grow your business in this space.”
