Lender implements shorter minimum visa validity for residential mortgage applications
Nationwide Building Society has revised its criteria for residential mortgage applications by reducing the minimum required visa validity period.
In cases where applicants do not possess indefinite leave to remain in the UK, they will now only be required to have a minimum of 12 months remaining on their visa at the time of application. This is a significant reduction from the prior requirement of a minimum of two years and six months.
For applicants lacking indefinite leave to remain, the borrowing limit remains at a maximum of 75% loan-to-value, and they are still required to furnish a full three-year address history.
“This latest change to our minimum visa validity requirement will increase the mortgage options available to those applicants without indefinite leave to remain and bring Nationwide in line with the wider mortgage market,” commented Henry Jordan, director of home at Nationwide Building Society.
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