Halifax has announced new changes to its lending criteria designed to make it easier for non-UK nationals to buy homes in Britain.
Effective from 14th November, Halifax will lower the minimum income requirement for applicants who have lived in the UK for at least one year.
The threshold will drop from £75,000 to £50,000 for individual applicants, and from £100,000 to £75,000 for joint applications.
Customers who have been in the UK for less than a year will still be eligible, provided they meet the previous higher income thresholds or limit borrowing to a maximum 75% loan-to-value (LTV).
Amanda Bryden, head of Halifax Intermediaries and Scottish Widows Bank, said: “The feedback we’ve received shows the market for non-UK nationals wanting to buy a permanent home has been underserved and that there is demand for a greater level of mortgage lending.
“By lowering the minimum income for non-UK applicants, we are increasing the opportunities for home ownership and for brokers to extend the products and services they offer to clients they may previously not have been able to support.”
