Nottingham Building Society has announced the launch of five-year fixed mortgage products to support foreign nationals looking to securing a home in the UK.
This expansion of its product range for foreign nationals is a direct response to feedback since its recent launch, with brokers highlighting a growing preference for lower interest rates.
The new range of five-year products mirrors those already available to returning ex-pats, with features including:
- LTV rates between 75 – 90%, providing more options
- A lowest interest rate of 5.29%, lower than 2-year and 3-year fixed options
- Fixed mortgage rates until the end of July 2029
- Free legal fees for remortgages (standard legal fees only)
- Overpayments of up to 10% allowed per year
The new range follows hot on the heels of Nottingham Building Society’s recently launched mortgage proposition aimed at directly supporting foreign nationals, outlining its commitment in supporting borrowers from overseas to achieve their home-buying dreams; foreign nationals remain an under-served population of borrowers, with restrictive and complex criteria often making it difficult for brokers to support them.
Commenting on the new products, Alison Pallett, Sales Director at Nottingham Building Society said: “We are delighted to meet the evolving needs of brokers and customers, and to support a segment of the market that has previously found it difficult to obtain a mortgage.
“This expansion underscores our commitment to providing innovative solutions that align with homeowners of all kinds, be it returning ex-pats, skilled workers from aboard or those born in the UK. As always, we’ve carefully considered broker feedback when launching new products and recognise the needs of our diverse membership.”
The updates to Nottingham Building Society’s products will addresses a growing need from mortgage brokers who say existing products are too restrictive when supporting skilled workers from abroad who are looking to borrow money to buy a home.
