The new range includes two- and five-year fixed rate deals at up to 95% LTV
Hinckley & Rugby Building Society has introduced a range of mortgages to help skilled foreign workers in the UK buy homes.
The mutual’s latest offering for skilled worker and health and care worker visa holders addresses three key barriers: no minimum income, no minimum UK residency, and no minimum duration remaining on the current visa.
The mortgages provide up to 95% loan-to-value (LTV), capped at 90% if UK residency is less than 12 months.
The product range includes two-year fixed deals at 6.49% up to 90% LTV and 6.79% up to 95% LTV, and five-year fixed deals at 5.99% up to 90% LTV and 6.39% up to 95% LTV.
With nearly 20% of NHS staff being non-UK nationals and around 300,000 skilled worker visas issued in 2023, there is an increasing demand for housing solutions for this segment of the workforce. The new mortgage products, the lender said, aim to assist brokers in helping foreign workers who meet affordability criteria but lack sufficient UK residency to qualify with other lenders.
“Bringing their essential skills to the UK, and committing to a new life here, skilled foreign workers deserve the opportunity to feel they truly belong, and owning their own home is a big part of that,” said Laura Sneddon (pictured), head of mortgage sales at Hinckley & Rugby Building Society.
“They’re vital to the national interest, contributing much-needed skills to essential services like the NHS, and we feel that enabling them to own their own home sooner rather than later is incredibly important.
“What’s more, with demand for rental properties seriously stressed, and in some areas almost at breaking point, helping foreign workers onto the property ladder has a positive knock-on effect for everyone in the UK who needs a home.”
Christopher Holmes, senior manager of products at Hinckley & Rugby Building Society, said his team spent a lot of time developing new products and refining existing ones to meet the current needs of homebuyers.
“We live in an inclusive country, and it’s time the UK showed its skilled foreign workers how much we value them being part of our society,” he stated. “In our own small way, that’s what Hinckley & Rugby has set out to achieve with our new mortgages for skilled foreign workers.”
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