Access to high LTV mortgages now easier
Darlington Building Society has announced key changes to its skilled worker visa mortgage products, removing restrictions that previously limited access to higher loan-to-value (LTV) borrowing.
Effective today, February 3, the mutual will no longer require skilled worker visa applicants to have a minimum of two years remaining on their visa when applying for a 90% LTV mortgage. The previous requirement, the lender acknowledged, often prevented borrowers from securing a loan, despite their financial stability.
For 95% LTV mortgages, Darlington will remove the minimum income threshold, which previously required a sole income of £60,000 or a joint income of £90,000. However, applicants will still need at least two years remaining on their visa to qualify for this higher LTV product.
The lender’s skilled worker mortgage products also stand out for their accessibility features. Applicants do not need to have lived in the UK for a minimum period, and eligibility is assessed through a credit search rather than a traditional credit score. These adjustments are designed to provide a more inclusive pathway to homeownership for skilled workers.
“The requirements of skilled workers on visa arrangements are constantly changing, with an increasing demand for more flexible and customised criteria to support them in achieving their homeownership aspirations,” said Christopher Blewitt (pictured), head of mortgage distribution at Darlington Building Society.
“This is why Darlington Building Society is enhancing our skilled worker visa mortgage offering by removing the minimum visa time requirement for 90% LTV cases and eliminating the minimum income threshold for 95% LTV mortgages.”
Blewitt stressed that the mutual’s latest changes aim to ensure skilled workers can access the mortgage products they need despite the complexities of their visa status.
“For brokers working with skilled worker clients, we are here to support you with products and criteria that offer flexibility and opportunity,” he said. “Get in touch to see how Darlington Building Society can help you meet the needs of your clients and grow your business in this space.”
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