Nottingham Building Society and Nova Credit have formed a partnership to enable foreign nationals in the UK to utilise their overseas credit history when applying for mortgage finance to purchase homes in the UK.
The partnership aims to facilitate mortgage finance access for foreign nationals residing in the UK by leveraging Nova Credit’s cross-border credit technology, according to FF News.
The collaboration is set to empower Nottingham Building Society to access foreign credit data from various countries, including India, the Philippines, the US, and others. This access enables the lender to offer mortgage applicants with limited or no UK credit history a faster and more comprehensive underwriting experience.
The launch of this innovative product is timely, given the increasing demand for overseas workers to fill critical skills gaps in sectors like healthcare and IT. With a significant proportion of employees in these sectors being foreign nationals, the need for accessible mortgage finance solutions is evident.
Praven Subbramoney, Chief Lending Officer at Nottingham Building Society, said, “It’s a proud moment for us to be able to introduce this exciting new product; one that will transform the homeownership prospects for the growing number of foreign nationals coming to live and work in the UK.
“Many thousands of people come to the UK to work and indeed, we rely on skilled foreign workers in critical areas like healthcare and technology. But up until now many have been unable to obtain a mortgage within the first two years of being in the country because of restrictive and inflexible lending criteria. Together with our partners at Nova Credit, we want to change that.
“As a foreign national, trying to get a mortgage proved far more complicated and frustrating than it should have been. It’s 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.
“The need to better support under-served segments of the market is central to our purpose as a forward-looking building society. And we are delighted to be able to now meet the evolving demands of people moving into the country, not just as a place to earn money but to settle long-term, put down family roots and make the UK their home. That’s the role we believe a modern mutual should fulfil.”
Misha Esipov, CEO and Co-founder, Nova Credit, added, “When people move countries, we believe they should be able to bring their credit history with them. We are delighted to partner with Nottingham Building Society to enable UK newcomers who have the means and credit track record to put their best financial foot forward to access mortgage financing.
“Not only does our technology help serve financially excluded individuals with the access and service they want and deserve, but partnerships fuel growth for our partners in a highly strategic way. With our Credit Passport® solution, we are delighted to support Nottingham Building Society as it takes advantage of a compelling new expansion opportunity into a valuable, and much under-served market that has been hiding in plain sight.”
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