Bluestone enhances lending criteria to support skilled workers

Shawbrook has announced enhancements to Bluestone's mortgage proposition, aimed at providing more options and improved accessibility for a wider range of borrowers.

Bluestone, which was acquired by Shawbrook in 2023, has updated its lending criteria to include non-UK nationals who have yet to obtain indefinite leave to remain but have demonstrated long-term stability through residency and employment in the UK.

Applicants working in the UK on a skilled worker or health & care visa may now qualify for residential mortgages up to 90% LTV. 

Borrowers must have at least 12 months of UK residency, a valid UK work visa with a minimum of six months remaining, and a minimum gross annual income of £50,000.

The development follows similar changes made earlier this month by The Mortgage Lender (TML), also part of Shawbrook Retail Mortgages. 

Steve Griffiths (pictured), commercial director for retail mortgages at Shawbrook, commented: “We’re committed to evolving our criteria in ways that reflect the real lives of today’s borrowers, including those who are contributing to the UK economy but can face unnecessary obstacles to homeownership. 

"These updates help to open the door to customers who are building their futures in the UK and contributing to key sectors of the economy yet often face limited mortgage options. It’s about recognising financial stability in a broader context and giving brokers greater flexibility to serve a wider client base.”