Expat and Foreign Nationals
Expat self build
New product at 80%.
Foreign nationals – up to 90% LTV
Must have been in the UK for 12 months and have 12 months’ work permit/visa remaining.
Expat self-employed
On BTL and holiday let.
Four applicants, four incomes
Up to four incomes from max two households on all expat applicant types (residential, BTL, holiday let and JBSP).
Expat gifted deposits accepted
These must be from a close family member. The applicant will need to contribute a minimum of 10% themselves.
Irish passport holders will be treated the same as British passport holders.
When assessing expat applications for Irish nationals residing outside the UK or Ireland.
Affordability
Four applicants and four incomes
On all applications (except self build) – this includes expat applications.
Bonuses and commission
75% of bonus and commission used as income (previously 50%).
Improvement to contractor policy
12 months’ contracting experience needed or two years in same line of work. Three months remaining on contract/evidence of new contract/evidence contract has been renewed at least once with the current contractor.
Applicants can now use background assets to support affordability
We will now accept 75% of the value of a professionally managed investment fund over the term of the mortgage, or 10 years (whichever is higher).
Aunts and uncles can now gift deposits
Previously only immediate family members were accepted.
Applicants can capital raise to place funds in a trust
Maximum 70% LTV.
Improvement to foster care criteria
Now treated as self-employed income. Foster children are not considered dependants for affordability purposes.
