A Building Society in Nottingham has announced new rate reductions and amends to products aimed at foreign nationals and returning expats such as health care workers, those on a Skilled Worker Visa and those already living and working in the UK.
The ‘innovative scheme’ launched by the Nottingham Building Society aims to support applicants seeking to purchase a main residence when returning to the UK and the scheme will only apply to residential purchase and re-mortgage.
The firm will offer rate reductions of up to 0.10 per cent on its five-year fixed foreign national and returning ex-pat mortgage products and the introduction of 85 per cent loan on value tier rates for foreign nationals. There will be rate reductions of up to 0.23 per cent on residential acquisition products – which will be available to all nationalities considered subject to standard KYC, fraud and sanctions checks.
These product enhancements follow Nottingham Building Society’s recently launched mortgage proposition aimed at supporting more foreign nationals in what they call ‘achieving their home-buying dreams, reinforcing the mutual’s commitment to supporting underserved segments of the borrower population who typically find it harder to secure a mortgage’.
Commenting on the new changes, Alison Pallett, Sales Director at Nottingham Building Society said: “The decision to reduce rates reflects our ongoing dedication to meet the evolving needs of brokers and borrowers alike. We understand the diverse challenges faced by our customers, whether they are returning expats looking to establish a home back in the UK, skilled workers from abroad seeking to build a career and invest in their future, or UK residents navigating the complex home ownership journey.
“We recognise this is a fast-moving market and these tweaks reflect our desire to ensure that brokers and borrowers continue to have a range of options to secure the mortgages they need. We remain committed to further developing our portfolio of products as the market continues to evolve.”
