Darlington Building Society has launched a VISA mortgage range on the market (5.49% for five-year fix, 5.89% for two-year fix).
There’s no minimum income requirement on 90% LTV, and £60k minimum on 95% LTV (there is a £90k minimum income for joint applications).
The society’s ‘credit search not credit score’ approach aims to help more people who have just started working in the UK on a Tier 2 VISA, as there’s no minimum time in the UK required.
At the other end of the scale, skilled workers can apply with as little as two years remaining on their VISA.
In addition, spousal Visa income is now accepted if the joint applicant has indefinite leave to remain, an applicable VISA, or is a British National.
Commenting on the launch Darlington’s chief customer officer Louise Thorpe said: “VISA mortgages are the jewel in the crown of our specialist mortgages.”
She added: “Skilled workers are crucial to the UK’s labor market, so it’s important that more skilled workers can put down roots and experience stability, which is exactly what we hope to achieve with our new VISA proposition.”
For first-time buyers Darlington is now offering lower rates and smaller deposits. The lender’s first-time buyer proposition gives borrowers the option to spread the term across (up to) 40 years for lower monthly mortgage repayments:
There are also rates cut by up to 0.20% on 90-95% LTV, on two and five-year fixed rate mortgages
Darlington has also removed the maximum age limit on all buy-to-let interest only applications, including holiday lets and ex-pat holiday lets.
And for remortgage and product transfers, Darlington has cut rates for existing borrowers and product transfers by up to 0.30%. Product transfers are fee-free to existing borrowers and a £500 cashback is available on remortgage exclusive products.
