Nottingham Building Society has launched a mortgage for foreign nationals who work in the UK and want to own a home.
The mortgage, accessible through brokers, is designed to assist skilled workers from abroad in overcoming hurdles encountered during the home loan application process.
For instance, it doesn't mandate a minimum residency period in the UK prior to applying, a feature unmatched by any other UK mortgage provider, according to The Nottingham.
Foreign nationals often face challenges due to the lack of a credit history, making it difficult for them to secure a UK mortgage, particularly if they have been residing in the UK for less than a year.
To address this issue, Nottingham Building Society has partnered with cross-border credit bureau Nova Credit to introduce the mortgage product. This collaboration allows mortgage brokers to access historical credit files from an increasing number of countries worldwide, such as India, the Philippines, Australia, the US, Canada, Germany, Austria, Spain, Switzerland, Mexico, the Dominican Republic, Kenya, and Korea.
The product will mainly cater to borrowers entering the UK on Skilled Worker or Health and Social Care Worker visas.
This development coincides with a period of heightened demand from overseas borrowers, as observed by brokers. Criteria searches on broker platforms further indicate a rising interest in mortgage solutions tailored to this market segment.
