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A high-street bank has introduced new simplified criteria that will apply to all new applications from non-UK nationals. It includes first time buyers, remortgage applicants, home-movers and BTL investors. Lenders would now require the applicants to have Indefinite Leave to Remain (ILR) in the UK for their mortgage application unless they fall within 3 categories.
Permanent right to reside will be required for all applicants on applications, which do not meet at least one of the following criteria:
As per the new criteria and policy update by some lenders, ‘Proof of permanent right to reside in the UK is required for (applicant name)’ and must be provided for all customers on the application. We’ve noticed a trend that typically means that when one lender makes changes to their criteria, other lenders follow suit. Which could make it more difficult for non-UK nationals to get mortgages here in the UK.
On a positive note, there are few lenders who would still consider non-UK national mortgage applicants, if they have lived in the UK for at least three years. However, with the high-street banks changing their criteria, these lenders might amend their policies too.
Permanent right to reside can include:
To determine if a customer has lived in the UK for more than five years, lenders will use data provided by the credit reference agencies. In some instances, lenders may require proof of residence in the UK for over five years.
The criteria of an income of more than £100,000 will include both incomes on a joint application and are the total of basic, overtime, bonus and commission for employed applicants or the latest year’s income for self-employed customers, plus pension income.
This simplified criteria applies a consistent approach for both EEA and non-EEA customers and will make it easier for you to know in advance if an application will be accepted.
If you have any queries, please contact us on 02030111986.Contact Us Mortgage Calculator