Hodge has broadened its mortgage offerings, announcing several key updates to its residential mortgage criteria for foreign nationals.
Effective immediately, Hodge is set to increase its loan-to-value (LTV) ratio from 80% to 90%, making it easier for foreign nationals to secure a mortgage with a lower deposit.
It is also reducing the minimum time required in the UK to apply, reducing it from three years to just two years.
In addition, the minimum income requirement has been removed, allowing more applicants to qualify, including those with non-traditional income sources.
Previously, applicants needed at least 24 months remaining on their visa to apply – this condition has also been removed.
The criteria enhancements apply to Global Talent, Skilled Worker, Health & Care Worker, and Spousal visas.
Previously, applicants needed at least 24 months remaining on their visa to apply – this condition has also been removed.
James Enos, national account manager at Hodge, said: “These changes are designed to make homeownership more achievable for individuals who may have been underserved by traditional mortgage criteria.
“We’re always striving to make our products accessible to as many people as possible.
“Our goal is to make homeownership attainable for a wider range of individuals, particularly those who contribute so significantly to the UK economy.”
