A mortgage lender is making it easier for ex-pats wanting to invest in the UK buy to let market

Suffolk Building Society has relaxed its mortgage criteria for foreign nationals, ex-pats, and downsizers. 

The lender will now allow foreign nationals who have worked in the UK for just 12 months and have at least 12 months left on their visa to apply.  Previously, the requirement was two years. 

Eligible visa types include Skilled Worker, Health and Care Worker, and Global Talent visas.

Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, says: “As a building society that specialises in expat and complex income cases, it’s only natural that, as the foreign national market has grown, we’re seeing more enquiries of this nature.  We’re particularly pleased to be able to give brokers clarity on qualifying visas, as well as help those in health and care work to get onto the UK property ladder.”

For expat borrowers, the minimum income for buy-to-let (BTL) has dropped from £40,000 to £25,000. 

The minimum age for expat residential borrowing is now 18, down from 21.

Suffolk Building Society has also increased the maximum loan-to-value (LTV) for downsizers on interest only mortgages from 50% to 70%. 

Other accepted repayment vehicles include endowments, ISAs, pension lump sums, and sale of background properties.

Grimshaw adds: “These criteria changes reflect our ongoing commitment to inclusivity, innovation, and understanding the evolving needs of today’s borrowers.”