Hinckley & Rugby for Intermediaries has launched four new two-year discount visa mortgage products, broadening its specialist lending offer for brokers working with clients living and working in the UK on eligible visas.
The range includes two residential Skilled Worker Visa products available up to 95% LTV, alongside two buy-to-let products, one for personal applicants and one for limited company landlords. The launch is designed to give intermediaries more options when placing cases for clients who fall outside mainstream lending criteria.
Visa lending criteria
The launch follows recent updates to the society's visa lending criteria, including the introduction of a minimum income requirement of £41,700 for single residential Skilled Worker Visa applicants. That threshold does not apply to applicants employed in teaching, the NHS, or private healthcare settings. For visa buy-to-let applications, the minimum income for single applicants is £35,000.
The society's visa policy takes into account UK residency, remaining visa term, and LTV limits, with applications considered on a case-by-case basis by underwriters. Eligible visa types include Skilled Worker, Health and Care, Global Talent, British National (Overseas), and Ancestry visas, covering both residential and buy-to-let lending.
Buy-to-let products
The visa buy-to-let products are similarly available for purchase and remortgage, with a £250 application fee, £999 completion fee, and payable valuation fee. The two products are:
- Personal buy-to-let: two-year discount at 5.19% variable, 1.70% below the Landlord Variable Rate (LVR), at 80% LTV
- Limited company buy-to-let: two-year discount at 5.39% variable, 1.50% below the LVR, at 75% LTV
Interest coverage ratios (ICR) are set at 125% for basic rate taxpayers and 145% for higher and additional rate taxpayers on personal applications, with a flat 125% for limited company borrowers.
Residential products
Both residential products are available for purchase and remortgage and include £250 cashback, an £800 completion fee, and a payable valuation fee. The two products are:
- Two-year discount at 5.75% variable, 1.14% below the Homeowner Variable Rate (HVR), at 95% LTV
- Two-year discount at 5.50% variable, 1.39% below the HVR, at 90% LTV
"We know that many people living and working in the UK on eligible visas can face additional challenges when it comes to accessing mortgage finance, despite having stable incomes and making a valuable contribution to the economy," said Christopher Holmes, products and proposition senior manager at Hinckley & Rugby.
"Recent research has highlighted how affordability is becoming an increasing barrier to homeownership, particularly for key workers in sectors such as healthcare, where property prices are often outpacing borrowing power. That's why it's important that lenders continue to provide options that help more borrowers achieve their homeownership ambitions.
"These new products further strengthen our visa proposition, providing brokers with more choice across both residential and buy-to-let lending. By offering lending up to 95% LTV on residential applications and maintaining a flexible approach to eligible visa types, we're helping intermediaries support a wider range of clients who may find their options more limited elsewhere."
