Nottingham Building Society taps Nova Credit to expand mortgage range
Nottingham Building Society, also known as The Nottingham, has partnered with California-based credit infrastructure and analytics firm Nova Credit to enable foreign nationals in the UK to access and utilise their overseas credit history when applying for mortgages.
The Nottingham partners Nova Credit
The companies say that foreign nationals in the UK “remain an under-served population of borrowers”, and enabling them to leverage their overseas credit history will boost their chances of successfully applying for mortgage finance when purchasing a property in the UK.
The building society’s new mortgage initiative will be primarily available to those entering the UK on a Health and Social Care Worker or Skilled Worker visa.
The Nottingham has selected Nova Credit to utilise its cross-border credit solution, Credit Passport, which the fintech claims can instantly translate an international credit report into a local-equivalent credit score complete with risk attributes and tradelines.
By collaborating with Nova Credit, the building society can now access foreign credit data from countries across the globe, including emerging markets such as the Phillippines, India, Kenya, and many more.
Commenting on the new partnership, Praven Subbramoney, chief lending officer at The Nottingham, states: “Many thousands of people come to the UK to work and indeed, we rely on skilled foreign workers in critical areas like healthcare and technology.
“But up until now many have been unable to obtain a mortgage within the first two years of being in the country because of restrictive and inflexible lending criteria. Together with our partners at Nova Credit, we want to change that.”
In February, the building society announced another digital collaboration by selecting software vendor MQube to streamline its mortgage lending processes. This involved implementing MQube’s AI-driven mortgage origination platform, Origo.
