Hanley Economic launches shared ownership for foreign nationals
Hanley Economic Building Society has launched new deals for foreign nationals living and working in the UK and there is no minimum UK residency period needed to apply.
The lender is offering two five-year shared ownership mortgage products, including a variable discount mortgage with an initial rate of 5.85%.
This is a 1.89% discount from the mutual’s standard variable rate, currently 7.74%.
There is also a five-year fixed rate mortgage at 5.99%.
Both products are available up to 95% loan to value (LTV) for purchase and remortgage.
Each comes with a £999 arrangement fee, a minimum loan of £30,000 and a maximum of £600,000.
£2.5m paid to help broker clients benefit from greener homes
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Applications are accepted from foreign nationals holding a Skilled Worker visa, Health and Care Worker visa or Global Talent visa.
Dependant visa holders may apply as joint applicants.
Visas will be verified through the Home Office Share Code service or by submitting a copy of the visa and accompanying letter.
The products can be used on properties in England and Wales.
Hanley said each case will be assessed on an individual basis by the in-house underwriting team.
This means there is no credit scoring, and the products are available through selected intermediary channels.
Samantha Ward, commercial director at Hanley Economic Building Society, said: “Foreign nationals can have secure employment, a reliable income and a clear ability to meet their monthly commitments, yet the length of time they have lived in the UK can dramatically reduce the number of mortgage options open to them.”
She added: “This is why we believe it’s important to look beyond residency length and consider the applicant’s wider financial position.
“Combining this approach with a shared ownership option may provide a practical route into homeownership for people who can afford the ongoing costs but have not yet had the time to build a large deposit.
“It also gives brokers another option for eligible clients whose financial circumstances support homeownership, but whose residency history may restrict their choices elsewhere.”
