Principality Building Society will now lend up to 95 per cent loan to value (LTV) for EEA and non-EEA applicants, and has shortened the time a non-EEA national needs to have lived in the UK from three years to two. The latter change is subject to the applicant passing a credit score.
The mutual has also reduced the amount of time an applicant needs to have remaining on their visa from two years to 12 months.
These changes were made in response to feedback from brokers.
Helen Lewis, national intermediary manager at Principality Building Society, said: “As a lender, Principality has engaged with brokers to help identify how we can develop our criteria to support their clients. We have taken a common-sense approach to lending, understanding that not every case is straightforward. Feedback from brokers suggests there is an increased difficulty finding a suitable solution for their non-EEA clients.
“The introduction of these changes to our lending criteria will hopefully make mortgages more accessible for clients looking to purchase a home in the UK.”
The amendments form a series of revisions made by Principality Building Society regarding non-EEA mortgage applicants, including making exceptions for people in high demand or with highly skilled roles, such as NHS workers. It also increased income multiples for newly qualified professionals and NHS workers.
In its most recent results, the mutual reported a £1.1bn annual rise in its mortgage book to £9.3m for the year ending 2023.
Principality Building Society posted an underlying profit before tax of £60.3m in 2023, up from £43.5m in the previous year.
