Finance

Hinckley & Rugby launches mortgage range for foreign workers

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This new product range features two-year fixed deals at 6.49% up to 90% LTV and 6.79% up to 95% LTV, and five-year fixed deals at 5.99% up to 90% LTV and 6.39% up to 95% LTV

Hinckley & Rugby Building Society has launched a new range of mortgages to help skilled foreign workers in the UK own their own home.

The new offering for skilled worker and health & care worker visa holders overcomes three barriers: no minimum income is required, no minimum UK residency is necessary, and no minimum duration remaining on the current visa is required.

Mortgages are available up to 95% loan-to-value (capped at 90% if UK residency is less than 12 months).

This new product range features two-year fixed deals at 6.49% up to 90% loan-to-value and 6.79% up to 95% loan-to-value, and five-year fixed deals at 5.99% up to 90% loan-to-value and 6.39% up to 95% loan-to-value.

With nearly 20% of National Health Service (NHS) staff not being UK nationals, and with nearly a third of a million skilled worker visas issued in 2023, the Society says there is a growing need for housing solutions for this segment of the UK workforce.

Laura Sneddon, head of mortgage sales at Hinckley & Rugby, noted: Bringing their essential skills to the UK, and committing to a new life here, skilled foreign workers deserve the opportunity to feel they truly belong, and owning their own home is a big part of that. They are vital to the national interest, contributing much-needed skills to essential services like the National Health Service, and we feel that enabling them to own their own home sooner rather than later is incredibly important.

She added: What’s more, with demand for rental properties seriously stressed, and in some areas almost at breaking point, helping foreign workers onto the property ladder has a positive knock-on effect for everyone in the UK who needs a home.

Christopher Holmes, products senior manager, said: We spend a lot of late nights coming up with new products and making adjustments to existing products, for the single purpose of delivering what homebuyers really need in today’s world. We live in an inclusive country, and it is time the UK showed its skilled foreign workers how much we value them being part of our society. In our own small way, that is what Hinckley & Rugby has set out to achieve with our new mortgages for skilled foreign workers.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Invest for Property. The information provided on Invest for Property is intended for informational purposes only. Invest for Property is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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