The lender said the income threshold for the 5.5 times income multiple has been cut from £85,000 to £60,000 gross income. This is across joint applications and supports customers with a range of income profiles.
Borrowers starting new roles will no longer be subject to meeting a minimum of time in job requirement, which will make the process “simpler and more inclusive”.
Nottingham Building Society has also lowered interest rates by up to 0.21% on residential products, and its lower stress rate was introduced on 14 November.
On the foreign national side, the firm has widened its access to international credit data through its partnership with Nova Credit.
This means credit information can be sourced from Ukraine and South Africa, boosting the number of supported countries to 15, improving access to lending to internationally mobile professionals and families.
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The countries covered are India, the Philippines, Australia, the US, Canada, Germany, Austria, Spain, Switzerland, Mexico, Dominican Republic, Kenya and Korea.
Foreign nationals on a family visa are now eligible to apply for a mortgage, widening the mutual’s reach to those who want to establish a home in the UK.
Matt Kingston, sales director at Nottingham Building Society, said: “We’re continually challenging ourselves to make homeownership more accessible for people whose lives don’t fit the traditional lending mould.
“This latest set of criteria updates reaffirm our commitment to creating fair and flexible routes to borrowing. We know that not every borrower’s journey is straightforward, which is why we’re focused on removing friction wherever we can, from recognising new employment to supporting foreign nationals with better access to credit data.
“Together with our intermediary partners, we’re helping to build a mortgage market that works for the way people really live and work today.”
