The Intermediary – May 2025 - Flipbook - Page 55
SPECIALIST FINANCE
Opinion
Why specialist
lending matters for
foreign nationals
F
or many foreign
nationals moving to the
UK, seling into a new
life oen includes the
dream of owning a home.
However, while that goal
is shared by countless individuals
and families, the path to achieving
it can be far more complicated for
those whose circumstances don’t fit
traditional lending models.
From visa status to international
credit histories and non-standard
employment arrangements, the
challenges can quickly add up. As a
result, too many people are told ‘no’
before they’ve even had a chance to
access the market.
At Noingham Building Society,
we believe access to homeownership
shouldn’t be limited by the complexity
of a customer’s background.
In recent years, we’ve made it a
priority to beer understand those
whose circumstances fall outside
the mainstream, including foreign
nationals and returning expats, and
ensure they are fully supported.
As a mutual founded over 175 years
ago, our purpose has always been to
serve our members – and that means
adapting to meet real needs, not just
following industry norms.
Reflecting reality
Our Foreign National mortgage
range is one example of how we’re
puing that philosophy into action.
In late 2024, we made a number of
key updates to our lending criteria to
support a broader group of customers.
This included expanding our visa
acceptance to cover Global Talent, UK
Ancestry, British National Overseas
(BNO), Pre-Selement, Skilled
Worker, Health and Care Worker,
Tier 2 (pre-December 2020), and
dependant visas for joint applicants.
We’re also proud to be piloting
a dedicated programme aimed at
improving mortgage accessibility
for foreign national healthcare
workers, recognising their critical
contribution to UK communities and
the economy. The pilot applies to a
broad range of NHS and private sector
roles, including clinical professionals,
carers, porters, administrators, and
support staff. The initiative is designed
to make it easier for individuals
on agency, contract or zero-hour
arrangements to access mortgage
lending – income types that typically
fall outside traditional lender criteria.
All the changes we’re making are
designed to reflect the reality of who
is living and working in the UK today,
and to offer more people a pathway
to homeownership, regardless of
their background.
Since launching this specialist
proposition a year ago, we’ve seen
significant interest – with more
than 1,500 customers demonstrating
interest in 12 months.
This growing demand reflects a
significant need in the market, and
the potential to support more people
into homeownership with thoughtful,
tailored solutions, where they may
have previously slipped through the
cracks. This is high on our agenda,
and something we intend to grow and
develop in the years to come.
A human approach
Specialist lending is about more
than just numbers and checklists. It
requires a human-centric approach,
one that looks at the full picture, not
just a credit score or a set of criteria.
Our human approach to
underwriting and consideration of
overseas credit histories allow us
to evaluate each application on its
own merits.
GREG WENT
is chief lending officer (interim)
at Nottingham Building Society
Behind every
application is someone
looking to put down roots,
create stability, and feel
like part of a community”
To complement that human touch,
we’ve commied to innovation,
building up our technology and data
capabilities to make this proposition
possible, and to scale it with mutual
fintech partnerships to access
overseas credit bureau data to support
customers from day one in the UK.
Our goal is to understand people’s
stories and support them in building
a future – because behind every
application is someone looking to put
down roots, create stability, and feel
like part of a community.
Looking ahead
We plan to build on this foundation
throughout 2025. The UK’s housing
market is evolving, and so too must
the ways we support those looking to
make a home here.
Owning a home is about more than
just property, it’s about belonging. As
more people from around the world
make the UK their home, financial
services have a responsibility to evolve
and respond.
At Noingham Building Society,
we’re commied to helping more
people turn the ambition of
homeownership into a reality, one
mortgage at a time. ●
May 2025 | The Intermediary
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