We've updated our criteria for non-EEA nationals

We've introduced the following changes to our mortgage lending criteria:

• Allowing up to 95% LTV lending for EEA and non-EEA applicants
• Reducing the length of time a non-EEA national has resided in the UK from 3 years to 2 years, subject to passing a credit score
• Reducing the amount of time remaining on the applicant’s visa from 2 years to 12 months

In recent years, we have adapted our criteria to engage with professionals with visa considerations.

As part of our commitment to making more possible for clients, our business development managers and underwriting team have worked with brokers to make exceptions for applicants in high demand specialist or highly skilled roles including medical professionals working for the NHS.

This has included increasing income multiples for first time buyers, newly qualified professionals and NHS workers. 

We are also responding to broker feedback where changes to visa criteria was in the top ten of preferred changes by brokers. Brokers have fed back that pricing isn’t the only consideration for these applicants and that criteria is often the primary factor when selecting a lender to place business with.

A word from our National Account Manager, Helen Lewis

“As a lender Principality has engaged with brokers to help identify how we can develop our criteria to support their clients. We have taken a common-sense approach to lending understanding that not every case is straightforward. Feedback from brokers suggests there is an increased difficulty finding a suitable solution for their non-EEA clients.

The introduction of these changes to our lending criteria will hopefully make mortgages more accessible for clients looking to purchase a home in the UK.”

For information on how Principality Intermediaries can help support you get in touch with your local BDM or contact our broker support team on 0330 333 4021.