Nationwide have just changed their lending criteria for EEA foreign nationals without indefinite leave to remain in the country. If you are in that situation, Nationwide will no longer lend you 90% of the value of a property (LTV). In fact, they have reduced the maximum loan-to-value to 75%.
That leaves you needing to find a whopping deposit of a quarter of the cost of a property.
Even worse, Nationwide will now only accept applications from applicants classed as Tier 1 or 2 – highly skilled workers and skilled workers with a job offer.
This is bad news especially for the Cambridge region, as some of the people who fall foul of these new rules will be hospital workers and academics, of whom there are many.
The silver lining for you is that things are changing in the mortgage market. Nationwide say they are bringing their criteria into line with other major lenders, but we are aware of more and more lenders who are now prepared to lend at 90% LTV. You just have to know where to look for them.
That’s why it is so important to get financial advice from an independent company with access to the whole market – so that we can dig out these deals for you, whatever your circumstances.