Gen H will now lend up to 90% loan to value (LTV) to applicants without permanent right to reside.
The firm has also removed its minimum income requirements specific to foreign nations, but standard minimum income requirements will still be in place.
Gen H will accept all visas that allow working in the UK, which includes ancestry visas, health and care worker visas and graduate visas. The visa only needs to be valid at the time of application.
The changes will mean that a family on average salaries without indefinite leave to remain with a household income of £45,000 will be able to get a property with Gen H when they couldn’t before.
Karen Appleton, head of lending at Gen H, said: “Gen H is on a mission to help everyone become a homeowner – and this includes people with the right to live and work in the UK, but who may not have indefinite leave to remain or citizenship.
“Immigration is central to the identity and success of this country, and we benefit collectively when we make it easier for people who weren’t born in the UK to create rich, fulfilling lives here. This policy is an extremely positive change and we’re all very glad to see this go live.”
Gen H recently pivoted to become an intermediary-only lender, with Pete Dockar, chief commercial officer, saying in an interview with this publication that the change would allow it to deliver more propositions.
The lender has brought out a product switching journey for brokers and streamlined affordability for its income booster deals.
