The changes apply to Tier 2, high-skilled visa holders with a job offer.
The lender has increased the maximum loan to value (LTV) for such foreign nationals to 90 per cent, an increase from 85 per cent previously.
MPowered Mortgages will no longer require a minimum income or require the borrower to have lived in the UK for a minimum period of time.
For customers who have been in the UK for less than two years the maximum LTV will be capped at 75 per cent.
The lender currently offers products to foreign nationals with Tier 1 visa holder, Tier 2, which is high-skilled visa holders with a job offer, Tier 2 spousal dependent visa holders alongside a Tier 2 and applicants with settled and pre-settled status under the EU Settlement Scheme.
Stuart Cheetham (pictured), CEO at MPowered Mortgages, said: “We are constantly looking to understand the market’s challenges, and our regular conversations with brokers have highlighted the considerable demand for foreign national loans.
“In response to this, we are delighted to follow up on last week’s rate reductions with new lending criteria for non-UK nationals, making it easier for borrowers in a traditionally more under-served section of the market to take their first step onto the property ladder.”
The lender has reduced its rates twice so far this month, initially cutting its two and five-year fixed rates by up to 0.25 per cent and then lowering three-year fixed rates by around 0.22 per cent.
MPowered Mortgages has also added cashback of 0.3 per cent on all loan sizes up to £1.5m. This compares to most lenders who offer fixed cashback on completion.
