Nottingham Building Society has recently launched a mortgage range specifically tailored to meet the needs of foreign nationals working in the UK. The primary objective of these new products is to expand opportunities for overseas borrowers to purchase homes in the UK. This mortgage range will be primarily accessible to borrowers entering the UK on a Skilled Worker or Health and Social Care Worker visa.

Unlike other UK mortgage providers, Nottingham Building Society’s mortgage range does not impose a minimum length of residency in the UK before applying, making it a distinctive and appealing option for foreign nationals.

A key obstacle faced by foreign nationals, particularly those who have been in the UK for less than a year, is the absence of a credit history, which often complicates their ability to secure a UK mortgage. In response, Nottingham Building Society has partnered with the cross-border credit bureau, Nova Credit, to grant mortgage brokers access to historical credit files from various countries worldwide.

The new mortgage products will offer several benefits, including no minimum residency requirement in the UK, no minimum time remaining on a visa, no minimum income requirement, access to credit files from 13 different countries, and an up to 90 percent Loan to Value (LTV) ratio.

The decision to introduce this new mortgage range comes at a time when a substantial number of healthcare and IT sector employees are from abroad, with over 325,000 work visas granted last year. The Home Office forecasts this number to increase to over half a million by 2028/2029, highlighting a growing need for tailored mortgage solutions for foreign nationals.

Praven Subbramoney, Chief Lending Officer at Nottingham Building Society, expressed his pride in the new product, emphasizing the society’s commitment to improving homeownership opportunities for foreign nationals relocating to the UK. He underscored the significance of better supporting underserved market segments and meeting the evolving needs of individuals moving to the country.

Furthermore, the collaboration with Nova Credit will enable mortgage applicants with limited or no UK credit history to provide access to their credit history from overseas. Misha Esipov, CEO and Co-founder at Nova Credit, expressed his enthusiasm for the partnership, stressing the importance of enabling UK newcomers to access mortgage financing based on their financial track record from their home countries.

In conclusion, Nottingham Building Society’s new mortgage range represents a major stride towards providing greater access to homeownership for foreign nationals in the UK. By addressing the unique challenges faced by this demographic, the society is contributing to a more inclusive and accessible housing market.

Nottingham Building Society has recently launched a mortgage range specifically tailored to meet the needs of foreign nationals working in the UK. The primary objective of these new products is to expand opportunities for overseas borrowers to purchase homes in the UK. This mortgage range will be primarily accessible to borrowers entering the UK on a Skilled Worker or Health and Social Care Worker visa.

Unlike other UK mortgage providers, Nottingham Building Society’s mortgage range does not impose a minimum length of residency in the UK before applying, making it a distinctive and appealing option for foreign nationals.

A key obstacle faced by foreign nationals, particularly those who have been in the UK for less than a year, is the absence of a credit history, which often complicates their ability to secure a UK mortgage. In response, Nottingham Building Society has partnered with the cross-border credit bureau, Nova Credit, to grant mortgage brokers access to historical credit files from various countries worldwide.

The new mortgage products will offer several benefits, including no minimum residency requirement in the UK, no minimum time remaining on a visa, no minimum income requirement, access to credit files from 13 different countries, and an up to 90 percent Loan to Value (LTV) ratio.

The decision to introduce this new mortgage range comes at a time when a substantial number of healthcare and IT sector employees are from abroad, with over 325,000 work visas granted last year. The Home Office forecasts this number to increase to over half a million by 2028/2029, highlighting a growing need for tailored mortgage solutions for foreign nationals.

Praven Subbramoney, Chief Lending Officer at Nottingham Building Society, expressed his pride in the new product, emphasizing the society’s commitment to improving homeownership opportunities for foreign nationals relocating to the UK. He underscored the significance of better supporting underserved market segments and meeting the evolving needs of individuals moving to the country.

Furthermore, the collaboration with Nova Credit will enable mortgage applicants with limited or no UK credit history to provide access to their credit history from overseas. Misha Esipov, CEO and Co-founder at Nova Credit, expressed his enthusiasm for the partnership, stressing the importance of enabling UK newcomers to access mortgage financing based on their financial track record from their home countries.

In conclusion, Nottingham Building Society’s new mortgage range represents a major stride towards providing greater access to homeownership for foreign nationals in the UK. By addressing the unique challenges faced by this demographic, the society is contributing to a more inclusive and accessible housing market.