Since Covid, businesses have struggled to recruit, which has impacted the economic recovery. As a result, the government currently has a long list of occupations for which there remains a shortage of qualified workers in the UK. 

First and foremost, this includes the problem of filling job vacancies across the NHS and in social care. But the list of ‘shortage occupations’ also includes engineers, web design and development professionals, chemical scientists and biochemists, veterinarians, architects, and laboratory technicians. 

This varied group of workers provide a range of vital services across the UK, including delivering the essential day-to-day care in hospitals and care homes that so many families rely on. 

In total, there were over 300,000 visas granted last year to overseas workers looking to move and work in the UK. This includes those on both the skilled worker and health and care worker visa. 

 

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Helping overseas workers to settle 

For many of these people, the UK offers a wealth of opportunities, but there are also challenges, not least when it comes to housing. 

As both UK and overseas workers know, the cost of renting in the UK has risen steeply in recent years. This can make it difficult to save for a deposit for those looking to buy their first home. 

But overseas workers face additional difficulties when it comes to securing a mortgage. Many traditional high street lenders appear reluctant to lend to these workers, with hurdles to meet when it comes to minimum income, the length of time they have been in the UK, or the time left on their visa. 

At the heart of this may be the assumption that those working on visas are temporary residents in the UK. But we know this is often not the case. It’s worth remembering those coming to the UK on skilled worker or health and social care visas have the right to work for five years, and a significant number of these visas are renewed for a further five-year term, giving a degree of stability when it comes to mortgage lending.

Many will also choose to settle permanently in the UK. 

 

Providing mortgage access 

Not all overseas workers are more mobile young professionals. Around 40% of visas granted are for dependents, highlighting how many move here with spouses and children, and as a result, are looking for more secure tenure when it comes to housing. 

With this in mind, Hinckley and Rugby for Intermediaries launched a specialist mortgage product for these workers earlier this year, helping them get a foot on the housing ladder. 

This mortgage does not have any minimum requirement when it comes to the number of years they’ve lived in the UK or time left on their visa. There is also no minimum income required, beyond normal affordability calculations. 

This approach not only helps overseas workers onto the housing ladder, but also benefits many UK residents by removing some of the demand for rental property, particularly in places where the local rental market is already overheating. 

This mortgage product and the changes we have made get to the heart of what Hinckley and Rugby does as a building society: helping individuals and families build a secure future – a key part of which is owning their own home.

This mission extends to the many overseas workers, who not only deliver essential services but play a vital role in our economy, helping to build the wealth of our nation.