Buckinghamshire Building Society has launched a 2-year fixed-rate mortgage aimed at applicants on a Skilled Worker visa, marking the first time it has extended lending to 90% LTV for this group.
The product, priced at 6.35%, is available immediately for both purchase and remortgage purposes, with loans of up to £750,000.
The lender had previously restricted foreign national borrowers to a maximum of 80% LTV. This latest change broadens access to higher LTV mortgages for applicants who meet key criteria.
Eligible borrowers must have lived and worked in the UK for at least two years and be able to show that their deposit has been saved independently, as gifted deposits are not permitted. A £999 product fee applies.
Buckinghamshire said the launch complements its manual underwriting model, which enables flexibility and individual assessment for borrowers with specialist income or visa circumstances.
The move follows last month’s enhancement to its Credit Restore range, which saw the maximum LTV increased from 70% to 75% to support borrowers with impaired credit histories.
Claire Askham (pictured), head of mortgage sales at Buckinghamshire Building Society, said: “We know there are many people contributing to the UK economy under the Skilled Worker visa scheme who are more than capable of sustaining homeownership, but have struggled to access competitive mortgage options, particularly at higher LTVs.
“At Bucks, we want to support those who don’t yet have indefinite leave to remain but have shown commitment and stability through sustained UK residency and employment. This product gives those individuals a fair opportunity to buy or remortgage their home, with the personal and manual underwriting approach we’re known for.”
