Nottingham Building Society has announced a series of updates to its residential and foreign national lending criteria as it continues its work to widen access to home ownership for more borrowers.
The specialist mutual has reduced the income threshold required to access its 5.5x income multiple from £85,000 to £60,000 gross income, including joint applications, opening up higher borrowing levels to applicants with a broader range of income profiles.
Borrowers starting new employment will also no longer need to meet a minimum time in job requirement, simplifying the process for those taking up new roles.
The criteria changes sit alongside interest rate reductions of up to 0.21% on residential products and lower stress rates introduced from 14th November.
The society said the adjustments are designed to support borrowers seeking greater affordability and flexibility during application.
The mutual has further expanded the reach of its foreign national lending proposition through its partnership with Nova Credit.
Intermediaries can now source international credit data from Ukraine and South Africa, extending the number of supported countries to 15.
Nottingham Building Society lends up to 90% LTV for foreign nationals arriving on visas and aims to improve accessibility for internationally mobile professionals and families.
The partnership with Nova Credit also gives intermediaries access to historical credit files from India, Philippines, Australia, US, Canada, Germany, Austria, Spain, Switzerland, Mexico, Dominican Republic, Kenya and Korea.
Eligibility has been widened further with incoming foreign nationals on a Family Visa now able to apply, reflecting the society’s focus on supporting more customers establishing a home in the UK.
Matt Kingston, sales director at Nottingham Building Society, said: “We’re continually challenging ourselves to make home ownership more accessible for people whose lives don’t fit the traditional lending mould.
“This latest set of criteria updates reaffirm our commitment to creating fair and flexible routes to borrowing. We know that not every borrower’s journey is straightforward, which is why we’re focused on removing friction wherever we can, from recognising new employment to supporting foreign nationals with better access to credit data.
“Together with our intermediary partners, we’re helping to build a mortgage market that works for the way people really live and work today.”
