Hodge Expands Mortgage Criteria to Support Foreign Nationals
- Hodge to expand its mortgage criteria to be more accessible for foreign nationals.
- James Enos, National Account Manager at Hodge, calls this criteria change, “simply another step” in its efforts to make their products as accessible as possible to as many customers as possible.
- Under this new product strategy, Hodge’s propositions will have a new threshold for foreign nationals.
Hodge is taking a major step forward in broadening its mortgage offerings, making them more accessible and inclusive for a wider range of customers, including foreign nationals.
In response to changing market demands and the evolving needs of homebuyers, Hodge has announced several key updates to its residential mortgage criteria.
Effective immediately, Hodge is increasing the maximum loan-to-value (LTV) ratio up to 90%, reducing the minimum time required in the UK to apply, and eliminating the minimum income requirement for foreign nationals on a visa.
James Enos, National Account Manager at Hodge has explained the criteria changes, stating:
“These changes are designed to make homeownership more achievable for individuals who may have been underserved by traditional mortgage criteria.
A Step Toward Greater Inclusivity
These adjustments reflect Hodge’s ongoing commitment to making its mortgage products as flexible and inclusive as possible. James Enos at Hodge commented:
“We’re always striving to make our products accessible to as many people as possible.
Our goal is to make homeownership attainable for a wider range of individuals, particularly those who contribute so significantly to the UK economy.”
What’s New in the Criteria?
Starting today, the following key updates have been made to Hodge mortgage lending criteria:
Loan-to-Value (LTV):
“The maximum LTV has been increased from 80% to 90%, making it easier for foreign nationals to secure a mortgage with a lower deposit.”
Minimum Time in the UK:
“The residency requirement to apply for a mortgage has been reduced from 3 years to just 2 years, allowing individuals in the early stages of their UK residence to qualify more easily.”
No Minimum Income Requirement:
“The previous minimum income requirement has been removed, allowing more applicants to qualify, including those with non-traditional income sources.
Accepted Visas:
“The criteria enhancements apply to Global Talent, Skilled Worker, Health & Care Worker, and Spousal visas. This change is in line with Hodge’s mission to support individuals in key sectors like healthcare and technology.”
No Minimum Time Remaining on Visa:
“Previously, applicants needed at least 24 months remaining on their visa to apply. This condition has been removed, making the process more accessible for those with any valid visa.”
These criteria changes come in response to growing market demand. According to the December 2024 Mortgage Market Report from Twenty7Tec, the most frequently requested search criterion was “Can applicants from non-EU, EEA, and non-UK foreign nationals be accepted, and under what conditions?”
The updates reflect Hodge’s commitment to meeting the needs of this underserved group, making it easier for foreign nationals to secure affordable mortgages.
Supporting Key Workers
This policy update also underscores Hodge Bank’s dedication to supporting people who are essential to the UK’s economy and infrastructure. Whether working in the NHS, social care, or other vital sectors, skilled professionals are crucial to the functioning of society, and Hodge is proud to help them secure a home for themselves and their families.
“We’re excited to introduce these changes as part of our broader mission to make homeownership more inclusive.
By removing barriers such as minimum income requirements and reducing the time someone needs to have lived in the UK, we are opening doors for more people, particularly those in essential roles, to achieve homeownership.
This is a key step in making the housing market more accessible for a wider range of customers.”
A Continued Commitment to Inclusivity
These changes are part of Hodge’s ongoing journey to create a more inclusive and flexible mortgage offering. The bank’s commitment to inclusivity began with the removal of age restrictions on mortgage applications and has continued with the recent updates to support foreign nationals.
Hodge’s updates further demonstrate the growing recognition of the importance of attracting a diverse range of customers to the mortgage market.