Newcastle for Intermediaries has amended its lending policy for borrowers who have moved to the UK from outside the European Economic Area (EEA).
The mutual has now reduced the visa validity requirement from two years to three months, which it said would streamline the mortgage process.
Newcastle for Intermediaries has also reduced the residency requirements for non-EEA borrowers with either skilled worker visas or health and care visas. It will now allow them to apply for a mortgage after living in the UK for at least two years.
The requirement for six months of bank statements has also been removed, subject to satisfactory residency checks. The mutual said this would also speed up the application process.
Gary Howe, mortgage adviser at Independent Mortgages Direct NE (IMDNE), is an active member of Newcastle Building Society’s broker research panel and gives feedback on its proposition, including its recently launched digital platform for brokers.
Howe said: “Overall, Newcastle Building Society’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.”
Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, added: “We’re always striving to maintain a competitive lending proposition and our latest criteria changes for non-EEA applicants reflect this commitment. The changes we’ve made will help meet the needs of customers that have a different set of requirements because of their country of origin.
“They provide brokers with a greater number of options and flexibility when sourcing the right products for clients.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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