Nottingham Building Society Amend Foreign National Criteria

The Nottingham has become the latest building society lender to offer innovative solutions to clients in what continues to be a volatile market.

Changes last week mean foreign national applicants no longer require a minimum time of residency, as well as no minimum time remaining on their current visa. This ties in with no UK credit history being required, due to a partnership with Nova Credit that allows access to overseas credit files in 14 countries. This list includes Australia, Austria, Canada, Dominican Republic, Germany, India, Kenya, Korea, Mexico, Philippines, Spain, Switzerland and USA.

If an overseas credit history can be sourced, applicants will be able to apply for up to 90% LTV on a property, whilst still being able to access up to 75% without sourcing a credit file.

Building societies continue to lead the way with solutions for new customers. Yorkshire BS and Accord announced their £5k deposit range at the end of March, allowing clients to borrow up to 99% of the purchase price.

Skipton BS has sought to assist clients that have good credit history, but might live in areas that makes deposit saving tricky. Their 'Track Record' proposition helps clients purchase up to 100% LTV, provided the new mortgage payment will be less than their current rental obligation.

There is also the popular 'Helping Hand' option with Nationwide that allows employed applicants to borrow up to 5.5x their income when opting for a longer term Fixed rate product.