Nova Credit Teams Up with Nottingham Building Society to Transfer Foreign Nationals’ Credit Histories

The partnership is geared towards tackling the issue of data silos within lending, which currently hinder foreign nationals from leveraging their credit history to access lending services. Nottingham Building Society's Chief Lending Officer (CLO) has encountered this challenge firsthand, highlighting the urgent need for solutions to bridge these data gaps and facilitate fair and inclusive access to lending opportunities for all individuals, regardless of their nationality or background.

Today, Nova Credit and Nottingham Building Society have unveiled an innovative fintech partnership aimed at revolutionizing the mortgage finance landscape for newcomers to the UK. By combining their respective products and expertise, the collaboration empowers individuals relocating to the UK to utilize their overseas credit history for the first time when applying for mortgage finance to purchase homes in the UK.

Nova Credit addresses the pressing need among overseas workers, who often encounter challenges in accessing finance to buy homes in the UK due to the lack of a local credit history. Through this partnership, Nottingham Building Society introduces its new foreign nationals mortgage range, leveraging Nova Credit's platform to seamlessly incorporate applicants' overseas credit history into the mortgage application process. This pioneering initiative promises to provide greater financial inclusion and opportunities for individuals transitioning to the UK, enabling them to achieve their homeownership goals with confidence.

The fintech partnership between Nova Credit and Nottingham Building Society marks a significant milestone in addressing the challenges faced by foreign nationals seeking access to mortgage finance in the UK. By integrating their respective products, the collaboration enables newcomers to leverage their overseas credit history for the first time when applying for mortgage finance to purchase homes in the UK.

Nova Credit's Credit Passport®, a cross-border credit technology, plays a pivotal role in facilitating this process by allowing individuals to seamlessly transfer their credit history across borders. With this innovative solution, Nottingham Building Society gains access to previously siloed foreign credit data from a growing number of countries worldwide, including India, Philippines, Australia, US, Canada, Germany, Austria, Spain, Switzerland, Mexico, Dominican Republic, Kenya, and Korea.

This partnership not only addresses the data siloes across lending that hinder foreign nationals from accessing mortgage finance but also underscores the commitment of both Nova Credit and Nottingham Building Society to foster greater financial inclusion and support individuals in achieving their homeownership aspirations, regardless of their nationality or background.The spokesperson for Nova Credit emphasized the increasing demand for overseas workers to fill crucial skills gaps, highlighting the pressing need for solutions to support their financial inclusion. The Home Office anticipates this trend to continue growing, underscoring the significance of initiatives like the partnership between Nova Credit and Nottingham Building Society.

Praven Subbramoney, Chief Lending Officer at Nottingham Building Society, expressed pride in introducing the new product, emphasizing its potential to revolutionize homeownership opportunities for the expanding population of foreign nationals relocating to the UK. He acknowledged the vital contributions of skilled foreign workers across various sectors such as healthcare and technology. Historically, many of these individuals faced challenges in securing mortgages within their initial years in the UK due to restrictive lending criteria. Through collaborative efforts with Nova Credit, Nottingham Building Society aims to address these barriers and facilitate greater access to mortgage finance for foreign nationals, thereby promoting greater financial inclusivity and opportunity.

The process of securing a mortgage as a foreign national proved far more complex and frustrating than expected. It felt like only a fraction of my identity was recognized in the UK – while I was eager to contribute to the economy and build a life for my family, I faced significant hurdles in settling comfortably.Misha Esipov, CEO and Co-founder of Nova Credit, emphasized the importance of enabling individuals to carry their credit history across borders when relocating. He expressed delight in partnering with Nottingham Building Society to empower newcomers to the UK with the means and credit track record to pursue mortgage financing confidently, enabling them to put their best financial foot forward.