For foreign nationals, the mutual now only requires applicants to have 12 months of UK employment and 12 months remaining on their visa. This is a change from Suffolk Building Society’s previous criteria, which required foreign national applicants to have worked in the UK for at least two years and have a minimum of two years left on their visa.
Eligible visa types include Skilled Worker, Health and Care Worker and Global Talent visas.
The mutual said that as the UK continued to attract people from around the world, there was a need for a more flexible approach to lending.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “As a building society that specialises in expat and complex income cases, it’s only natural that, as the foreign national market has grown, we’re seeing more enquiries of this nature. We’re particularly pleased to be able to give brokers clarity on qualifying visas, as well as help those in health and care work to get onto the UK property ladder.”
For expat borrowers, the minimum income needed for expat buy to let (BTL) is being lowered from £40,000 to £25,000. The minimum age for expat residential borrowing has also been lowered from 21 to 18.
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Additionally, Suffolk Building Society has increased the maximum loan to value (LTV) for borrowers downsizing at the end of their interest-only mortgage from 70% to 50%.
Other acceptable repayment vehicles include endowments, ISAs, pension lump sums, and the sale of background properties.
Grimshaw added: “These criteria changes reflect our ongoing commitment to inclusivity, innovation, and understanding the evolving needs of today’s borrowers.”
Last month, the mutual lowered rates across two-year fixed residential and expat mortgages.
