MPowered Mortgages is changing its lending criteria for Tier 2, high-skilled foreign nationals across its range of products.
It says this forms part of its mission to make the mortgage market accessible to as many people as possible.
For Tier 2, high-skilled visa holders with a job offer, the lender now offers loan-to-value loans of up to 90 per cent increased from 85 per cent. MPowered will now also not require a minimum income or require the borrower to have lived in the UK for a minimum period.
Currently, the lender offers products to foreign nationals with the following visas - Tier 1 visa holders; Tier 2, high-skilled visa holders with a job offer; Tier 2 spousal dependent visa holders, if applied for with a Tier 2 visa holder with a job offer; and it accepts applicants with settled and pre-settled status under the EU Settlement Scheme.
Stuart Cheetham, chief executive at MPowered Mortgages, comments: “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.”