Changes provide foreigners residing and working in the UK better access to home loans
Fintech mortgage lender Gen H has revised its policy regarding foreign nationals, making lending more accessible to individuals born outside the UK but legally residing and working in the country.
Under the new policy, Gen H has increased the loan-to-value (LTV) ratio to up to 90% for applicants who do not possess permanent residency rights.
The lender has also removed the minimum income requirement previously imposed specifically on foreign nationals. Standard income criteria will continue to apply to all applicants.
The revised policy accepts all UK work-permitting visas, including Ancestry visas, Health and Care Worker visas, and Graduate visas. Applicants only need to ensure their visa is valid at the time of their application.
These changes are particularly impactful for families with average incomes who do not have indefinite leave to remain. For instance, a household earning £45,000 with one parent employed as a teacher and another as a self-employed entrepreneur could now potentially qualify for a home loan with Gen H, an option that may not have been available to them under the previous policy.
Read more: Gen H improves adverse credit criteria
“Gen H is on a mission to help everyone become a homeowner – and this includes people with the right to live and work in the UK but who may not have indefinite leave to remain or citizenship,” said Karen Appleton, head of lending at Gen H.
“Immigration is central to the identity and success of this country, and we benefit collectively when we make it easier for people who weren’t born in the UK to create rich, fulfilling lives here. This policy is an extremely positive change, and we’re all very glad to see this go live.”
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