Hanley Economic Building Society launches 90% LTV foreign national mortgage

Hanley Economic Building Society has introduced a five-year fixed rate mortgage for foreign nationals, available up to 90% loan to value (LTV).

Priced at 6.04%, the five-year fix allows eligible applicants to be considered from their first day of UK residency. It is available for purchase and remortgage purposes on a capital and interest repayment basis and comes with a £1,199 arrangement fee. Properties in England, Wales and Scotland are eligible, with Scottish islands considered by referral.

The product is aimed at borrowers who have recently moved to the UK and may face restrictions when applying for a mortgage due to their limited residential history in the country.

Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, and the products are available through the Hanley Economic Building Society branch network and selected intermediary channels.

Samantha Ward, Commercial Director at Hanley Economic Building Society, commented:

“An applicant's financial history doesn't begin when they arrive in the UK. Many people moving here have established careers, substantial savings and a strong record of managing their finances, even if much of that experience has been gained overseas.

"The challenge is understanding how that information can be assessed alongside their current income and commitments. This is where experienced underwriters and effective communication with brokers can make a real difference, helping lenders build a fuller understanding of the applicant while maintaining responsible lending standards.”