Nottingham Building Society has expanded its visa criteria and reduced the rates on its foreign national and expat mortgage products.
The mutual is enhancing flexibility for foreign nationals and returning expats through a range of mortgage product changes.
The alterations, which are effective immediately, will give borrowers greater flexibility with rate reductions, new visa acceptance criteria, and extended end dates. This will provide more accessible options for skilled foreign workers and expats looking to settle in the UK.
The changes include:
- Expanded visa acceptance to include Global Talent, Pre-settlement, UK Ancestry, British National Overseas (BNO), Health and Care Worker, Skilled Worker, Tier 2 (if granted before 1 December 2020), and Dependant visas (for joint applicants).
- Rate reductions of up to 0.1% on the mutual’s two-year foreign nationals and returning expats range.
Nottingham Building Society’s foreign national mortgage offering, which was launched earlier this year, supports skilled foreign nationals settling in the UK by providing flexible mortgage products.
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Alison Pallett, sales director at the mutual, said: “Our goal is to ensure that we offer attractive and flexible products to meet the unique needs of our customers – from skilled foreign nationals and returning expats, to those looking for specific options like retirement interest-only [RIO] or buy to let [BTL].
“Expanding our visa acceptance criteria and adjusting rates and terms are important steps in continuing our commitment to making homeownership accessible for individuals with wide-ranging residency backgrounds, ensuring we can support anyone who aspires to own their own home.”
MPowered cuts two-year fixes
MPowered Mortgages, a lender that issues instant offers, has cut its two-year fixed rate range by up to 30 basis points with effect from 5.30pm today.
Last week, the firm cut its three-year rates by an equal amount, with rates starting from 3.93%.
Two-year rates for new purchase customers now begin from 4.11% at 60% loan to value (LTV) with a £999 fee. Two-year rates for remortgage customers begin from 4.29% at 60% LTV with a fee of £999.
Stuart Cheetham, CEO of MPowered Mortgages, said: “Swap rates have continued to rise in the last week, especially in the five- and 10-year space as the Chancellor’s Autumn Budget draws near and financial markets are nervous.
“Despite this, we are still reducing our two-year rates today following on from our three-year fixed rate reductions last week. We urge borrowers to seek independent financial advice before making any decisions when it comes to their mortgage, especially during this time of mortgage rate volatility.”
