Nottingham Building Society cuts mortgage rates for foreign nationals

13 September 2024

Nottingham Building Society has made reductions of up to 0.11% across its range of mortgage products for skilled foreign nationals and expats returning to the country.

It also reduced the stress rates used for affordability testing these borrowers, in line with the lower interest rate environment.

The mutual offers various 2-year and 5-year mortgage products for foreign nationals and returning expats, which include flexible criteria of up to 90% loan-to-value (LTV), and both fee and no-fee options.

Nottingham Building Society is also reducing the maximum product fee across this range from £1,999 to £1,499, with no increase in rates on these products.

Alison Pallett, sales director at Nottingham Building Society, said: “We are committed to supporting foreign nationals and returning expats in their journey to homeownership in the UK.

“The latest rate reductions and product enhancements reflect our ongoing efforts to provide accessible, competitive mortgage options that meet the diverse needs of our customers.

“Broker feedback is essential as we continue to evolve our product range to meet the needs of our customers.

“By offering a solution that requires no minimum time of residency in the UK, no UK credit history or no minimum income, we hope to help as many people as possible onto the UK property ladder.

“That’s the role we believe a modern mutual should fulfil.”