One key criteria change includes expanded eligibility for non-UK nationals who do not yet have indefinite leave to remain but have “demonstrated stability and commitment through UK residency and employment”.
Applicants working in the UK on a Skilled Worker or Health and Care Worker visa can qualify for a mortgage with TML, subject to certain criteria.
Borrowers may be eligible for up to 90% loan to value (LTV) for residential mortgages and 75% LTV for buy-to-let (BTL) mortgages.
Criteria includes a minimum of one year’s UK residency, a valid UK work visa with at least six months remaining and a minimum income of £50,000.
Shawbrook has broadened TML’s landlord criteria, so landlords letting out properties they have either previously lived in or inherited will be allowed.
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The firm said this shows an “ongoing commitment to meeting the evolving needs of both intermediaries and their clients, by offering greater flexibility and more inclusive lending solutions”.
Steve Griffiths, commercial director for retail mortgages at Shawbrook, said: “These changes reflect our ongoing mission to provide more opportunities for customers who are often under-served by traditional criteria.
“By broadening our approach to include skilled workers and landlords in more nuanced circumstances, we’re helping to equip brokers with the options they need to support a wider range of client needs. Our goal is to remove barriers where possible and make homeownership and property investment more accessible.”
TML recently changed its first-time landlord criteria, upping the maximum loan size from £350,000 to £500,000.
