West Brom Building Society launches mortgage range for foreign nationals
The new range offers fee-free 2-year fixed rates at 5.34% up to 80% LTV, 5.45% up to 90% LTV, and a 5-year fixed rate at 5.40% up to 80% LTV.
West Brom Building Society has launched a new mortgage range for foreign nationals living and working in the UK.
The new range is available to first-time buyers (FTBs) and home movers, offering fee-free 2-year fixed rates at 5.34% up to 80% loan-to-value (LTV), 5.45% up to 90% LTV, and a 5-year fixed rate at 5.40% up to 80% LTV.
There is also a Shared Ownership option at 5.52% up to 95% LTV.
West Brom will accept applications up to 90% LTV from customers with Skilled Worker (Tier 2) visas, Health and Care Worker visas, or pre-settled status, as long as they have a three-year UK address history.
Spousal visa holders can also apply up to 90% LTV if they have a three-year UK address history and a joint applicant eligible in their own right.
Dependent visa holders may be accepted up to 90% LTV if they apply with a Skilled Worker visa holder.
John Phillips, senior product manager at West Brom Building Society, said: “At the West Brom, we believe that people who’ve chosen to build their lives and careers in the UK should have a fair opportunity to buy a home.
“Through our pilot programme, we listened carefully to the experiences of foreign national customers and the brokers who support them, helping us better understand the challenges they can face when accessing mortgage finance.
“The result is a dedicated range that reflects the reality of modern homeownership and supports customers who may previously have found their options limited.”
Phillips added: “We know that every customer’s circumstances are different, which is why we’ve developed a proposition that combines competitive lending with common-sense lending criteria.
“As a mutual, our focus is on helping more people achieve their homeownership ambitions.
“This launch is another step forward in ensuring we’re meeting the needs of the communities we serve, while giving brokers greater confidence when placing cases for foreign national applicants.”
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