Changes aim to boost accessibility for foreign nationals and returning expats
Nottingham Building Society has broadened its lending criteria to support overseas buyers and returning expatriates looking to purchase new build properties in the UK.
The mutual will now allow applicants for foreign national and returning expat mortgages to use new build developer incentives of up to 5% towards their deposit. It has also extended the offer validity period for mortgages from six months to nine months, simplifying the extension process with an updated credit check.
“It’s clear that the new build market will be key to helping the government deliver challenging targets,” said Matt Kingston (pictured), sales director at Nottingham Building Society. “Anything we can do to add to this is very exciting for us.
“We have spent our time working on this change, alongside our exciting foreign nationals policy to ensure we can continue to deliver enhancements to our propositions. This is another small but important step forward for us in helping more customers into homeownership.”
Kingston added that the changes align with the society’s focus on expanding its offerings for foreign nationals, noting that 2025 would bring further developments to support the sector.
Craig Hall, director of strategic partnerships at LSL Financial Services, welcomed the move, citing growing demand from foreign buyers in the new build market.
“The combination of Nottingham Building Society’s lending policy and new build enhancements will provide further solutions for this cohort of homebuyers,” he said. “The extended offer validity period to nine months is another practical step forward. It gives buyers, especially those overseas or recently returning to the UK, the time they need to navigate the homebuying process, in addition to providing greater certainty during window from exchange to completion.”
The changes follow Nottingham Building Society’s recent efforts to make UK property ownership more accessible for foreign nationals and returning expats. These include expanding its accepted visa range to include the Global Talent, Pre-settlement, and British National Overseas (BNO) visas, aimed at accommodating skilled international workers.
The lender has also adopted auto-assisted underwriting technology to speed up mortgage application decisions via intermediaries. This system is designed to improve efficiency and enable the development of new lending propositions for underserved markets.
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