Nottingham Building Society Partners with Nova Credit to Expand Mortgage Range
The Nottingham Building Society teams up with Nova Credit to help foreign nationals in the UK access mortgages using their overseas credit history.
Nottingham Building Society, also known as The Nottingham, has taken a significant step towards financial inclusion by partnering with California-based credit infrastructure and analytics firm Nova Credit. This partnership aims to assist foreign nationals in the UK in accessing and utilizing their overseas credit history when applying for mortgages. According to both companies, foreign nationals in the UK have been an under-served population of borrowers, and leveraging their overseas credit history will enhance their chances of successfully obtaining mortgage finance when purchasing a property in the UK.
The new mortgage initiative by The Nottingham will primarily cater to individuals entering the UK on a Health and Social Care Worker or Skilled Worker visa. By collaborating with Nova Credit and utilizing its cross-border credit solution, Credit Passport, The Nottingham can instantly translate an international credit report into a local-equivalent credit score, complete with risk attributes and tradelines. This innovative approach allows the building society to access foreign credit data from various countries worldwide, including emerging markets such as the Philippines, India, Kenya, and more.
In addition to this partnership, The Nottingham recently announced another digital collaboration with software vendor MQube to streamline its mortgage lending processes. This involved the implementation of MQube’s AI-driven mortgage origination platform, Origo, further enhancing the efficiency and effectiveness of the building society's mortgage operations.
The partnership between The Nottingham Building Society and Nova Credit signifies a significant step towards financial inclusion for foreign nationals in the UK. By enabling individuals to leverage their overseas credit history, the building society aims to boost their chances of successfully applying for mortgage finance, ultimately facilitating their journey towards homeownership in the UK.
Nottingham Building Society Partners with Nova Credit to Expand Mortgage Range
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