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Non-EEA and Large Loan criteria changes

Date Published: 12 July 2024

Read time: 2 minutes

Support for Non-EEA and Large Loan clients

We're excited to announce our latest criteria changes, designed to help even more of your clients achieve homeownership. 

What’s changing? 

Non-EEA clients (skilled worker or health and care worker visa): 

  • Residency requirement reduced to 2 years: Applicants now only need 2 years in the UK (previously 3 years) to apply. This also applies to non-EEA applicants with indefinite leave to remain. 
  • Remaining visa requirement reduced to 3 months: Only 3 months remaining on the visa is needed (previously 2 years). 
  • No more bank statements: The requirement for 6 months of bank statements has been removed (subject to residency checks). 

Large Loan applicants:  

  • Additional income options: We now consider Restricted Stock Units (RSUs) and Self Invested Personal Pensions (SIPPs) as additional income sources for large loan applications.  
  • Pre-application discussion: As all additional income sources are subject to underwriter discretion, we offer the ability to discuss these cases with us prior to submission. 

What does this mean for you?  

We've made changes to streamline the mortgage application process for skilled workers. Reduced residency requirements and eliminating bank statements allow your clients to apply sooner and with less hassle. Additionally, our Large Loan criteria now consider more income sources, helping more of your clients secure the financing they need.

Newcastle Building Society continues demonstrating its commitment to inclusivity and customer-centric policies with its recent updates for non-EEA nationals seeking mortgage finance. These changes reflect a thoughtful approach to understanding and accommodating the diverse needs of all potential homeowners.

One of the standout features of the new policy is the flexibility regarding Loan-to-Value (LTV) ratios. While the maximum LTV for non-EEA applicants is set at 80%, the Society is willing to consider higher LTVs on a case-by-case basis, subject to a thorough review by their underwriters via a Decision in Principle. This indicates a desire to work closely with applicants to find solutions that best fit their circumstances.

Overall, Newcastle's updated mortgage policies for non-EEA nationals reflect a balanced blend of inclusivity, flexibility, and regulatory compliance. Their efforts to accommodate a broad spectrum of applicants while maintaining a rigorous yet fair review process underscore their commitment to helping as many people as possible achieve their dream of homeownership.
Gary, Independent Mortgages Direct NE (IMDNE)

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