Lender raises LTV to 90% for Tier 2, among other changes
AI-driven prime residential mortgage lender MPowered Mortgages has introduced significant adjustments to its lending criteria that specifically target Tier 2, high-skilled foreign nationals across its product range.
For individuals holding Tier 2 visas and possessing a job offer, MPowered now extends its loan-to-value (LTV) deals up to 90%, increased from the previous 85%.
The lender has also eliminated the requirement for a minimum income and the necessity for the borrower to have a predetermined duration of residency in the UK.
MPowered Mortgages currently caters to foreign nationals with varying visas, including Tier 1 visa holders, Tier 2 high-skilled visa holders with a job offer, Tier 2 spousal dependent visa holders (when applied in conjunction with a Tier 2 visa holder with a job offer), and applicants with settled or pre-settled status under the EU Settlement Scheme.
“We are constantly looking to understand the market’s challenges, and our regular conversations with brokers have highlighted the considerable demand for foreign national loans,” Stuart Cheetham (pictured), chief executive at MPowered Mortgages, said.
“In response to this, we are delighted to follow up on last week’s rate reductions with new lending criteria for non-UK nationals, making it easier for borrowers in a traditionally more underserved section of the market to take their first step on to the property ladder.”
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