By utilizing Nova Credit's cross-border credit technology, the alliance seeks to make it easier for foreign nationals living in the UK to obtain mortgage financing, according to FF News.

Through the partnership, Nottingham Building Society will have access to overseas credit information from the US, the Philippines, India, and other nations. With this access, the lender can provide a quicker and more thorough screening process for mortgage applicants with little or no credit history in the UK.

The introduction of this cutting-edge device comes at a perfect moment, considering the growing need for foreign labor to bridge crucial skills shortages in industries like IT and healthcare. Since a sizable fraction of workers in these industries are foreign nationals, there is a clear demand for easily accessible mortgage financing options.

"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," said Nottingham Building Society Chief Lending Officer Praven Subbramoney.

"Thousands of individuals go to the UK for employment, and in fact, we depend on highly qualified foreign labor in vital fields like technology and healthcare. However, rigid and restrictive lending standards have prevented many from getting a mortgage within the first two years of being in the nation. We want to alter that with our partners at Nova Credit.

"Trying to get a mortgage proved to be far more difficult and frustrating than it should have been as a foreign national." It seems like only 75% of me was permitted to enter the nation; the UK fulfilled my desire to contribute to the economy and make a respectable wage, but I was unable to establish a comfortable home for my family.

As a forward-thinking building society, one of our main goals is to better serve the market's underserved sectors. And we're happy to be able to now accommodate the changing needs of individuals coming to the UK to live, work, and establish long-term residence—not just as a means of making ends meet. We think a contemporary mutual should serve that purpose.

"We believe people should be able to bring their credit history with them when they move countries," stated Misha Esipov, CEO and co-founder of Nova Credit. We are thrilled to collaborate with Nottingham Building Society to make it possible for recent immigrants to the UK with the resources and credit history to apply for mortgage finance by putting their best financial foot forward.

"Partnerships strategically drive growth for our partners, while also providing financially excluded individuals with the access and services they desire and deserve," the statement reads. We are happy to assist Nottingham Building Society in seizing a strong new expansion opportunity into a lucrative and largely underserved market that has been lying in wait with our Credit Passport® solution.