Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Hanley Economic Offers Shared Ownership Mortgages to Foreign Nationals
Hanley Economic Building Society has launched new shared ownership mortgage products specifically for foreign nationals living and working in the UK. The lender does not require a minimum UK residency period for applicants.
The new offering includes two five-year shared ownership mortgage products. One is a variable discount mortgage with an initial rate of 5.85%, which is a 1.89% discount from Hanley Economic’s standard variable rate of 7.74%. The other is a five-year fixed rate mortgage at 5.99%.
Both products are available for up to 95% loan to value (LTV) and can be used for both purchase and remortgage purposes. Each mortgage comes with a £999 arrangement fee, a minimum loan amount of £30,000, and a maximum of £600,000.
Applications are accepted from foreign nationals holding a Skilled Worker visa, Health and Care Worker visa, or Global Talent visa. Dependant visa holders may apply as joint applicants. Visa verification is completed through the Home Office Share Code service or by submitting a copy of the visa and accompanying letter.
The shared ownership mortgages are available for properties located in England and Wales. Hanley Economic assesses each application on an individual basis through its in-house underwriting team, with no credit scoring involved. The products are available through selected intermediary channels.
This development may be of interest to UK letting agents and inventory clerks, as it could increase demand for rental and shared ownership properties among foreign nationals who meet the eligibility criteria.
Source: Mortgage Solutions