The products offer features similar to those available to returning expats
Nottingham Building Society has introduced a new range of five-year fixed mortgage products aimed at foreign nationals seeking to secure homes in the UK.
The new five-year products offer features similar to those available to returning expats, including loan-to-value (LTV) rates between 75% and 90%, lowest interest rate of 5.29% – lower than two-year and three-year fixed options, free legal fees for remortgages (standard legal fees only), and overpayments of up to 10% allowed per year.
The product updates, the lender said, address a growing need from mortgage brokers who find existing options too restrictive for supporting skilled workers from abroad looking to purchase homes.
The launch of the new products follows broker feedback, as well as the mutual’s recent initiative to support foreign nationals who often face restrictive and complex criteria, making it difficult for brokers to assist them.
“We are delighted to meet the evolving needs of brokers and customers, and to support a segment of the market that has previously found it difficult to obtain a mortgage,” said Alison Pallett (pictured), sales director at Nottingham Building Society.
“This expansion underscores our commitment to providing innovative solutions that align with homeowners of all kinds, be it returning expats, skilled workers from aboard or those born in the UK. As always, we’ve carefully considered broker feedback when launching new products and recognise the needs of our diverse membership.”
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