Dudley Building Society has launched its skilled worker visa lending proposition to the wider market following a successful pilot, alongside a refreshed mortgage range designed for borrowers working in the UK on a Skilled Worker Visa.
The Society said demand from brokers has continued to rise as more clients with skilled worker status seek clear, workable mortgage options.
Under the updated criteria, Dudley will consider applicants with at least 12 months’ UK residency and a minimum of 12 months remaining on their visa.
A minimum income of £30,000 applies, and loans are available up to 90% loan-to-value.
Gifted deposits are accepted up to 50% of the deposit, with all countries of origin and a wide range of professions considered.
The Society will also review more complex cases through personalised, manual assessment.
Additional features include joint borrower sole proprietor, including non-family members, no credit scoring, manually underwritten decisions and a choice of interest rate types.
Dudley said these features give brokers a clear framework while maintaining the flexibility of case-by-case underwriting.
The new skilled worker visa product range includes the following fixed-rate options. A 2-year fixed at 80% LTV priced at 5.45%, a 5-year fixed at 80% LTV at 5.45%, a 2-year fixed at 90% LTV at 5.70% and a 5-year fixed at 90% LTV at 5.70%.
Discounted options include a 2-year discount at 80% LTV with a rate 2.69 percentage points below the Society’s standard variable rate, and a 2-year discount at 90% LTV with a rate 2.54 points below SVR.
All products carry a £999 arrangement fee, follow the Society’s standard early repayment charges and allow up to 10% annual overpayments without penalty. They are available on a capital and interest basis.
Dudley, founded in 1858, lends from £25,000 to £2.5m across its residential and specialist ranges, with manual underwriting central to its approach.
Rob Oliver, distribution director at Dudley Building Society, said: “We have seen consistent interest from brokers supporting clients on Skilled Worker Visas.
“By expanding this proposition to the whole market and refreshing our products, we want to give brokers a clear framework to work within and a straightforward route to place these cases.
“Our manual approach allows each case to be assessed on its own merit. This update ensures brokers can include Dudley Building Society in their considerations when working with Skilled Worker Visa clients.”
