The firm said the pilot will apply to a wide range of NHS and private sector roles, including clinical professionals, carers, porters, administrators, and support staff.
The move is to make it easier for people on agency, contract or zero-hours arrangements to access mortgage lending, as these income types were typically outside traditional lender criteria.
Nottingham Building Society will consider 100% of verified agency income when assessing affordability for healthcare workers where the applicant can show consistent income over a minimum three-month period.
This also covers zero-hours contracts and multiple income sources as long as “continuity and sustainability can be evidenced”.
For those with a combination of agency and employed income, both streams can be looked at.
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The mutual launched its foreign national proposition around a year ago, with 1,500 applications received during that period.
Nottingham Building Society has brought out several enhancements to the range during that time, including selected stress rate reductions of up to 0.25%, fixed rate deals available up to 90% loan to value (LTV) and pricing starting from 5.19%, no product fees on selected deals and clear income criteria. The deals are also portable.
Matt Kingston (pictured), sales director at Nottingham Building Society, said: “We know from our data that healthcare is by far the most common profession among applicants to our foreign national and expat mortgage range. These are dedicated individuals, often in complex employment arrangements, who play an invaluable role in caring for our communities. The reality is, though, that those same individuals really struggle to get a mortgage and own a home.
“This pilot programme is our initial response to support them and is designed to better reflect the realities of how they work and earn, and to give them a fairer opportunity to access homeownership. It’s a positive and proactive step that aligns with our wider mission: to challenge convention, support key workers, and continue leading in under-served areas of the market.”
In an interview with this publication, Kingston said that the firm would be refocusing its strategy and creating niches in the mortgage market.
