Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Hanley Economic Launches Shared Ownership Mortgages for Foreign Nationals
Hanley Economic Building Society has introduced two new five-year shared ownership mortgage products aimed at foreign nationals living and working in the UK. The products are available with no minimum UK residency period.
The new range includes a five-year variable discount mortgage with an initial rate of 5.85%, which is a 1.89% discount from the society’s standard variable rate of 7.74%. There is also a five-year fixed rate mortgage at 5.99%. Both products are available up to 95% loan-to-value (LTV) for purchase and remortgage purposes, on a capital and interest repayment basis.
Each mortgage comes with a £999 arrangement fee, a minimum loan amount of £30,000, and a maximum loan amount 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. There is no minimum visa duration requirement, and visas can be verified through the Home Office Share Code service or by submitting a copy of the visa and accompanying letter.
These products are available for properties located in England and Wales.
For letting agents and inventory clerks, this development may increase demand for rental properties transitioning to shared ownership, particularly among foreign nationals who previously faced limited mortgage options due to residency requirements.
Source: Mortgage Strategy