Applicants working in the UK on a Skilled Worker or Health and Care Worker visa can now qualify for residential mortgages up to 90% loan to value (LTV).
To qualify, borrowers must have at least 12 months of UK residency, a valid UK work visa with a minimum of six months remaining and a minimum gross annual income of £50,000.
The change comes after similar changes were made by The Mortgage Lender (TML), which is also owned by Shawbrook Bank, in July. The firm said this shows a “shift toward more inclusive lending practices for skilled international workers” across Shawbrook Retail Mortgages.
Shawbrook said it would integrate the Bluestone Mortgages and TML teams to create a “single, unified specialist mortgage operation”.
Steve Griffiths, commercial director for retail mortgages at Shawbrook, said: “We’re committed to evolving our criteria in ways that reflect the real lives of today’s borrowers, including those who are contributing to the UK economy but can face unnecessary obstacles to homeownership.
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“These updates help to open the door to customers who are building their futures in the UK and contributing to key sectors of the economy, yet often face limited mortgage options. It’s about recognising financial stability in a broader context and giving brokers greater flexibility to serve a wider client base.”
Several lenders have been widening their criteria for Skilled Worker visa applicants, including Buckinghamshire Building Society and Darlington Building Society.
According to Criteria Brain, of the 77 lenders listed under working visa, 45 of them accept such a visa.
