The Mortgage Lender has expanded its residential and buy-to-let criteria, while Somo cuts rates across all first and second charge bridging products.
The Mortgage Lender has expanded eligibility for non-UK nationals who do not yet have indefinite leave to remain, “but have demonstrated stability and commitment through UK residency and employment”.
The firm, part of Shawbrook Retail Mortgages, says that applicants working in the UK on a skilled worker or health & care visa can now qualify for a home loan with TML, subject to meeting specific criteria.
These borrowers are eligible for up to 90% loan-to-value for residential mortgages and 75% LTV for BTL loans, based on:
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A minimum of one year’s UK residency
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A valid UK work visa with at least six months remaining
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A minimum income of £50,000
The lender adds that it has broadened its landlord criteria to support landlords letting out properties they have either previously lived in or inherited.
Retail Mortgages at Shawbrook commercial director Steve Griffiths says: “These changes reflect our ongoing mission to provide more opportunities for customers who are often underserved by traditional criteria.
“By broadening our approach to include skilled workers and landlords in more nuanced circumstances, we’re helping to equip brokers with the options they need to support a wider range of client needs.”
Meanwhile, bridging lender Somo has reduced first charge rates to 0.69% with up to 75% LTV on open market value, and second charge rates start from 0.85% with LTVs up to 70% LTV on open market value.
The specialist adds that its criteria includes loans for any business purpose, and no lender legal fees until completion.
It adds that its application is an 18-point checklist, which can lead to an offer within an hour.
Somo sales director Jade Keval (pictured) adds: “Bridging is growing at pace, but speed, certainty and flexibility still rule.
“We’ve sharpened our pricing to remain ahead of the curve and paired it with features brokers tell us they really need.”
