Hinckley & Rugby Building Society has unveiled a new Visa Buy-to-Let mortgage range, aiming to support skilled professionals, entrepreneurs, and investors on visas in purchasing or refinancing property in the UK. This initiative reflects the growing demand for tailored mortgage solutions among individuals relocating to the UK. In this article, I will go through H&R building society’s criteria and what this could mean for landlords.
Visa Buy-to-Let Mortgage Range – Competitive Rates and Flexible Terms
The new mortgage products offer competitive rates starting from 5.79% and are available for both purchase and remortgage purposes. Loan sizes range from £100,000 to £1.5 million, with a maximum Loan-to-Value (LTV) of 75%. The range includes:
- 2-Year Discount Variable Rate: 5.79% (1.75% off the Landlord Variable Rate)
- Fixed Rate until 31/05/2030: 5.99%
- 2-Year Fixed Rate: 6.10%
These products feature competitive Interest Coverage Ratio (ICR) calculations of 125% for basic rate taxpayers and 145% for higher and additional rate taxpayers, enhancing their appeal to a broad spectrum of investors.
Expanded Visa Lending Criteria
Hinckley & Rugby has also expanded its visa lending criteria to include Global Talent and Ancestry visa holders. Notably, there is no minimum UK residency requirement, no minimum income threshold, and no minimum time remaining on the visa, provided applicants intend to seek an extension if less than six months remain. A one-year employment track record is required, and joint applications are welcomed, including those where a partner holds a spousal visa.
Positive Implications for Landlords
In my opinion, this announcement from H&R will have a positive impact on landlords, particularly those new to the UK property market. The flexible lending criteria and competitive rates make it more accessible for visa holders to invest in buy-to-let properties, potentially leading to a more diverse rental market. By lowering traditional barriers, Hinckley & Rugby is enabling a broader range of investors to contribute to and benefit from the UK’s property sector.
Laura Sneddon, Head of Mortgage Sales & Distribution at Hinckley & Rugby, stated:
“At Hinckley & Rugby, we understand the growing demand for tailored mortgage solutions among professionals relocating to the UK. By expanding our visa lending criteria and launching our new Visa Buy-to-Let range, we are making it easier for brokers to place cases and support clients looking to invest in the UK property market. Brokers have been instrumental in shaping this offering through our Voice of the Broker forums, and we are proud to deliver solutions that directly address their requirements.”
Speak To A Mortgage Advisor
If you are a landlord or looking for a mortgage on a visa, then please feel free to give our team a call today to see how we can help you with your mortgage. Our team of friendly and experienced mortgage and protection advisors are here to help.
