A year on from launching its foreign nationals proposition, Nottingham Building Society has launched a dedicated pilot programme aimed at improving mortgage accessibility for foreign national healthcare workers.
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.
As part of the pilot, the Society will consider 100% of verified agency income when assessing affordability for healthcare workers, where the applicant can demonstrate consistent income over a minimum three-month period. This includes zero-hours contracts and multiple income sources where continuity and sustainability can be evidenced. For applicants with a combination of agency and employed income, both income streams will be taken into account to support a fuller affordability picture.
The Society has also introduced several enhancements across its foreign national and expat mortgage range, with stress rate reductions of up to 0.25% across selected products.
Fixed rate mortgage options are available up to 90% LTV, with two and five-year products starting from 5.19% and no product fees on selected mortgages.
Since launching its foreign national proposition, Nottingham Building Society has received over 1,500 applications.
Matt Kingston (pictured), sales director at Nottingham Building Society, said: “We know from our data that healthcare is by far the most common profession among applicants to our foreign national and expat mortgage range. These are dedicated individuals, often in complex employment arrangements, who play an invaluable role in caring for our communities. The reality is, though, that those same individuals really struggle to get a mortgage and own a home.
“This pilot programme is our initial response to support them and is designed to better reflect the realities of how they work and earn, and to give them a fairer opportunity to access homeownership. It’s a positive and proactive step that aligns with our wider mission: to challenge convention, support key workers, and continue leading in underserved areas of the market.”
