The product requires no minimum residency period in the UK and also lets applicants without any UK credit history secure a mortgage through a partnership with Nova Credit, a cross-border credit bureau
Nottingham Building Society has launched a new mortgage product tailored for foreign nationals working in the UK, addressing a significant gap in the market.
The product requires no minimum residency period in the UK and also lets applicants without any UK credit history secure a mortgage through a partnership with Nova Credit, a cross-border credit bureau. This enables brokers to access credit history from 13 nations, including India, the Philippines, Australia, the US, Canada, and several European nations.
The mortgage is available primarily to those on skilled worker or health and social care worker visas and features up to 90% LTV. It imposes no minimum income or remaining visa duration requirements, making it highly accessible.
The product launch, the mutual said, coincides with growing numbers of foreign nationals entering the UK workforce, especially in the healthcare and IT sectors. Last year, more than 325,000 work visas were issued, with projections suggesting this could exceed half a million by 2028/2029. In 2023 alone, entry clearance visas saw a 36% rise from 2019 figures.
This is a fantastic solution, one we know brokers have been crying out for, said Alison Pallett, sales director at Nottingham Building Society. We hope it will empower more borrowers from overseas to realise their homebuying dream in the UK, especially those new to the UK who struggle to demonstrate their credit history.
She added: It is an exciting step forward in our transformation journey as we continually look for innovative ways to support borrowers who currently find it difficult to secure a mortgage.
Praven Subbramoney, chief lending officer at Nottingham Building Society, said that as a foreign national himself, he can affirm that trying to get a mortgage is far more complicated and frustrating than it should have been.
It is as if only 75% of me was allowed into the country – the UK was able to match my aspirations to earn a good living and play my part in supporting the economy, but I was unable to comfortably settle with my family, he stated.
Subbramoney pointed out that thousands of others come to the UK to work, and the country has relied on skilled foreign workers in critical areas such as healthcare and technology. Nonetheless, many have also been unable to obtain a mortgage within the first two years of being in the country because of restrictive and inflexible lending criteria.