Nova Credit partners with Nottingham Building Society to transfer foreign nations' credit history

The partnership aims to address data siloes across lending that stop foreign nationals being able to use their credit history to access lending; Nottingham Building Society's CLO has experienced this firsthand.
Nova Credit partners with Nottingham Building Society to transfer foreign nations' credit history

Today, Nova Credit and Nottingham Building Society have announced a fintech partnership, merging their two products to enable newcomers to the UK to access and leverage their overseas credit history for the first time when applying for mortgage finance to buy homes in the UK.

Nova Credit serves growing demand from overseas workers, who struggle to obtain finance to buy UK homes, by providing The Nottingham’s new foreign nationals mortgage range.

The application of Nova Credit’s cross-border credit technology, known as Credit Passport®, allows users to take their credit history with them across borders. 

By partnering with Nova Credit, Nottingham Building Society now has access to siloed foreign credit data in a growing number of countries worldwide. These countries include India, Philippines, Australia, US, Canada, Germany, Austria, Spain, Switzerland, Mexico, Dominican Republic, Kenya and Korea.

A spokesperson for Nova Credit said “the need for overseas workers to plug critical skills gaps has never been higher.” The Home Office expects this number to grow.

Praven Subbramoney, Chief Lending Officer at Nottingham Building Society, said: "It’s a proud moment for us to be able to introduce this exciting new product; one that will transform the homeownership prospects for the growing number of foreign nationals coming to live and work in the UK.

“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.

“As a foreign national, trying to get a mortgage proved far more complicated and frustrating than it should have been. It’s as if only 75% of me was allowed into the country – the UK was able to match my aspirations to earn a good living and play my part in supporting the economy, but I was unable to comfortably settle with my family.

Misha Esipov, CEO and Co-founder, Nova Credit, concluded: “When people move countries, we believe they should be able to bring their credit history with them. We are delighted to partner with Nottingham Building Society to enable UK newcomers who have the means and credit track record to put their best financial foot forward to access mortgage financing.”

Image: rupixen on Unsplash

Follow the developments in the technology world. What would you like us to deliver to you?
Your subscription registration has been successfully created.