New Partnership with Nottingham Building Society unlocks door to mortgage finance for UK newcomers

Nova Credit’s second UK partnership provides one of the country’s top 10 building societies with access to foreign credit histories to get more mortgage finance into the hands of skilled and professional new-to-country UK applicants.

In line with our ambitious UK expansion strategy, we’re excited to share the news of our partnership with Nottingham Building Society, a 175-year old modern and mutual financial services institution. 

The Nottingham has embedded Nova Passport technology as it launches a new mortgage range for foreign nationals and returning expats - an innovative solution that will empower more borrowers from overseas to realise their home-buying dream in the UK. 

Powered by our unique cross-border credit technology, Nova Passport, The Nottingham now has access to foreign credit data in countries worldwide. These countries include India, Philippines, Australia, US, Canada, Germany, Austria, Spain, Switzerland, Mexico, Dominican Republic, Kenya and Korea. Having embedded Nova Credit’s technology, The Nottingham can now invite mortgage applicants with limited or no UK credit history to permit access to their credit history from overseas - an outcome that enables a faster and more comprehensive underwriting experience.

The partnership comes at a crucial time in the UK when the need for overseas workers to plug critical skills gaps has never been higher. ‘Home from Home’ mortgages will primarily be available to borrowers entering the UK on a Skilled Worker or Health and Social Care Worker visa. A significant proportion of employees in the healthcare and IT sectors are from abroad - nearly one in five* NHS staff are not British nationals – and well over 325,000 work visas were granted last year**. The Home Office*** anticipates this number to hit over half a million by 2028 / 2029. 

We’re delighted to partner with Nottingham Building Society to enable UK newcomers, who fill these essential roles and have the credit track record to put their best financial foot forward, expanding access to mortgage financing. 

More and more UK financial services institutions grapple with the challenges of reaching and serving the country’s vast population of creditworthy foreign nationals. In 2021, the UK Census showed that more than 1 in 7 people living in the UK (10 million) were born overseas, and it’s estimated that by next year (2025) the UK’s net population growth will be driven entirely by immigration****. Despite this, foreign nationals remain an under-served population of borrowers, with restrictive and complex criteria making it difficult for lenders to support them. 

“The need to better support under-served segments of the market is central to our purpose as a forward-looking building society. And we are delighted to be able to now meet the evolving demands of people moving into the country, not just as a place to earn money but to settle long-term, put down family roots and make the UK their home from home. That’s the role we believe a modern mutual should fulfil,” said Praven Subbramoney, Chief Lending Officer at Nottingham Building Society.

Misha Esipov, CEO and Co-founder, Nova Credit, concluded, “When people move countries, we believe they should be able to bring their credit history with them. We are delighted to partner with Nottingham Building Society to enable UK newcomers who have the means and credit track record to put their best financial foot forward to access mortgage financing. Not only does our technology help serve financially excluded individuals with the access and service they want and deserve, but partnerships fuel growth for our partners in a highly strategic way. With our Credit Passport® solution, we are delighted to support Nottingham Building Society as it takes advantage of a compelling new expansion opportunity into a valuable, and much under-served market that has been hiding in plain sight.”

To find out more about how Nova Credit serves UK organisations, visit: https://www.novacredit.com/uk 

* NHS staff from overseas: statistics

** Immigration system statistics, year ending December 2023

*** Foreign worker visas set to double in five years, Home Office forecasts show

**** Office for National Statistics