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Nottingham Building Society is a mutual lender known for flexible income assessment, generous income multiples, and specialist support for foreign nationals. Here's what you need to know before you apply.
Nottingham Building Society is a strong choice if your circumstances don't fit standard high-street criteria. As a mutual building society founded in 1849, it has built a reputation for flexible underwriting, particularly for foreign nationals, borrowers with complex or variable income, and households who need to borrow more than the standard 4.5x income multiple.
Nottingham Building Society mortgages aren't always the cheapest option for straightforward applications with a clean credit history and stable employment, and its branch network is concentrated in the Midlands. For anyone with non-standard circumstances, though, it's genuinely worth comparing alongside other lenders.
Not sure where to start?
Speak to a mortgage advisor who can compare Nottingham Building Society against a wide range of lenders and explain what you're likely to be offered.
Nottingham Building Society mortgages are known for flexible lending criteria, making them a strong option for borrowers who don't fit typical high-street requirements. Here's a quick overview before we get into the detail.
Nottingham Building Society mortgages come from one of the UK's oldest building societies, founded in 1849 by Samuel Fox, a Quaker grocer who wanted to help ordinary people own their homes. Over 175 years later, it remains a mutual, owned by its members rather than shareholders.
With total assets exceeding £5 billion and around 300,000 members, Nottingham Building Society (often called "The Nottingham") is the 9th largest building society in the UK. Its head office is in Nottingham, with a network of over 30 branches concentrated across the Midlands, Lincolnshire, and the surrounding areas.
Because it doesn't answer to shareholders, Nottingham Building Society can focus on delivering value to its members rather than maximising profit. In recent years it has increasingly positioned itself as a specialist for borrowers who don't fit standard lending criteria, particularly foreign nationals, skilled workers on visas, and people with complex or variable income.
Nottingham Building Society is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. Savings held with it are protected up to £85,000 per person under the Financial Services Compensation Scheme.
Nottingham Building Society offers mortgages for a range of purposes through its intermediary channel, The Nottingham for Intermediaries. Here's what's available.
The core residential range includes two-year fixed, five-year fixed, and discounted variable products, with a maximum loan-to-value of up to 95% on fixed-rate deals and up to 75% on the discounted variable option.
All residential products revert to Nottingham Building Society's standard variable rate once the initial period ends, so it's worth planning ahead to remortgage before that happens. Early repayment charges apply during the fixed term if you repay early or overpay beyond your annual allowance, and you can normally overpay up to 10% of your outstanding balance each year without penalty.
This is where Nottingham Building Society really stands out. Its foreign national mortgages range accepts:
Rates for foreign national products are typically a little higher than standard residential rates, reflecting the extra complexity involved in underwriting these applications. Nottingham Building Society has partnered with Nova Credit to access international credit files from countries including India, the Philippines, Australia, the USA, Canada, and Germany, among others.
Nottingham Building Society offers buy-to-let mortgages for both individual landlords and limited companies, up to a maximum of 80% loan-to-value. Rental income needs to cover the mortgage payment comfortably: individual landlords are typically assessed at 145% interest coverage at the pay rate, while limited company applications are assessed at 125%. Portfolio landlords with four or more properties are accepted, subject to the whole portfolio being self-supporting.
For homeowners over 55, Nottingham Building Society offers retirement interest-only mortgages up to 40% loan-to-value. These let you pay only the interest each month, with the capital repaid when you sell your home, move into long-term care, or pass away. A fee-free discounted variable option is available alongside fixed-term products.
Understanding the full cost of a mortgage means looking beyond the headline rate.
Product fees vary depending on the product you choose, ranging from no fee up to around £1,999. You can usually add fees to your loan, subject to loan-to-value limits, but you'll pay interest on them for the life of the mortgage, so paying upfront is often cheaper in the long run. Many products let you choose between a higher upfront fee for a lower rate or a lower fee for a slightly higher rate. Which works out cheaper depends on your loan size and how long you plan to keep the deal, so it's worth asking an advisor to run the numbers for your circumstances.
One basic valuation is included free with every Nottingham Building Society mortgage. If you'd like a more detailed homebuyer survey, additional costs apply based on the property's age, size, and location.
Standard legal fees are covered for remortgages, with Nottingham Building Society's panel solicitor handling the legal work at no extra cost. For purchases, you'll need to arrange and pay for your own solicitor.
A standard fee applies for transferring mortgage funds to your solicitor by CHAPS.
Early repayment charges apply if you repay your mortgage in full, or overpay beyond your annual allowance, during the initial fixed-rate period. These are calculated as a percentage of the amount repaid and typically reduce the closer you get to the end of the fixed term, so leaving early in the deal costs more than leaving towards the end. Ask your advisor for the exact charges that apply to the product you're considering, as these vary by product and change over time.
A higher lending charge may apply on loans above 80% loan-to-value. This helps cover the additional risk to the lender of higher LTV lending.
There are no exit fees or deeds release fees when you redeem your mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you're ever worried about keeping up with your mortgage payments, free and impartial guidance is available from MoneyHelper on 0800 138 7777.
Nottingham Building Society has more flexible criteria than many high-street lenders, which is why it appeals to borrowers with non-standard circumstances.
Subject to passing its credit score, Nottingham Building Society will consider:
The minimum age to apply is 18. The maximum age at the end of the term varies by product, and retirement interest-only mortgages are available from age 55.
Understanding how much you can borrow involves several factors that Nottingham Building Society will assess.
Nottingham Building Society uses an affordability calculator that considers your net income after tax and National Insurance, all monthly credit commitments with six or more months remaining, household expenditure for the property being mortgaged, and student loans or other ongoing commitments. If credit card balances aren't showing regular payments, it will assume 3% of the outstanding balance as a monthly cost.
For buy-to-let, rental income needs to cover 145% of the mortgage payment at the pay rate for five-year fixes or like-for-like remortgages, 145% at the pay rate plus 2% for other applications, and 125% for limited company buy-to-let.
Nottingham Building Society mortgages are primarily available through mortgage brokers rather than direct applications. Here's what to expect.
Each Nottingham Building Society application gets a dedicated underwriter, which is a real advantage for complex cases. Getting the presentation of your application right the first time, especially around income evidence, makes a noticeable difference to how smoothly it progresses.
Best case: around 2 weeks from application to offer. Average: 3 to 4 weeks. Complex cases: 4 to 6 weeks.
What speeds things up: providing all documentation upfront, responding quickly to queries, and having a straightforward property. Common delays include waiting for valuation appointments, additional information requests, and complex income verification.
How it works
Initial enquiry and agreement in principle
Your broker gathers information about your circumstances, income, and property to check eligibility. Nottingham Building Society can provide an Agreement in Principle using a soft credit check that doesn't affect your credit score.
Full application
Once you've found a property, or you're ready to remortgage, your broker submits a full application with proof of identity, proof of income, bank statements showing your deposit source, and property details.
Valuation
Nottingham Building Society instructs a basic valuation at no cost to you. The valuer confirms the property's value and checks it's suitable security for the loan.
Underwriting
Each application gets a dedicated underwriter who reviews your case, assessing your debt-to-income ratio, property valuation, credit history, and affordability under stress scenarios.
Mortgage offer
Once approved, you'll receive a formal mortgage offer valid for a set period, detailing your rate, monthly payments, fees, and terms.
Completion
Your solicitor handles the legal work, and once everything's in order, funds are released and your mortgage begins.
Here's what stands out about Nottingham Building Society mortgages.
Strengths
No lender is the right fit for everyone. Here's where Nottingham Building Society falls short.
Limitations
Nationwide is much larger, with branches everywhere and competitive rates for standard borrowers. Nottingham Building Society tends to win on flexibility, being more accommodating for foreign nationals, complex income, and higher income multiples. Nationwide suits straightforward cases; Nottingham Building Society suits anything non-standard.
Skipton also serves specialist markets, but focuses more on later-life lending and helping first-time buyers. Nottingham Building Society tends to edge ahead on foreign national lending and income flexibility. Both offer strong customer service as building societies.
Banks such as Halifax, NatWest, and Barclays often have lower rates but much stricter criteria. If you're employed, have good credit, and fit standard boxes, a high-street bank might work out cheaper. If your circumstances are at all unusual, Nottingham Building Society's flexibility typically wins out.
At a glance
Nottingham Building Society has a strong reputation for customer service.
It holds a 5 out of 5 rating on Trustpilot from over 5,300 reviews, a notably high score for a financial services provider. Common themes in positive reviews include staff described as friendly, knowledgeable, and patient; personal service that makes customers feel valued; clear explanations of products and options; and efficient processing of applications.
The small proportion of negative reviews typically mention frustration with online functionality, occasional delays in processing, and limited branch locations outside the Midlands. Nottingham Building Society actively responds to reviews, suggesting it takes customer feedback seriously.
Nottingham Building Society has won multiple awards for customer service and is regularly rated highly in consumer surveys. Its mortgage service through intermediaries is well-regarded by brokers for the personal underwriting approach and flexibility on complex cases.
Foreign nationals arriving in the UK: if you've just moved to the UK on a visa and need a mortgage, Nottingham Building Society should be high on your list. Most lenders want two or more years of UK residency and established UK credit; Nottingham Building Society doesn't.
High earners needing larger loans: households earning £60,000 or more who need to borrow up to 5.5x income will find Nottingham Building Society more accommodating than banks capped at 4.5x.
Borrowers with complex income: self-employed applicants, contractors, those with bonus-heavy pay, or anyone whose income doesn't fit standard patterns. Nottingham Building Society's underwriters take a human view rather than applying rigid algorithms.
Those who value personal service: if you want to deal with people who take time to understand your situation, Nottingham Building Society's mutual ethos delivers.
Rate-sensitive borrowers with straightforward circumstances: if you have a clean credit history, stable PAYE employment, and a good deposit, you may find cheaper rates elsewhere. Nottingham Building Society's value is flexibility, not the lowest possible price.
Buyers in Scotland or Northern Ireland: it doesn't lend in these areas.
Those wanting digital self-service: if you prefer managing everything online without phone calls, Nottingham Building Society's more traditional approach might frustrate you.
Those needing branch access outside the Midlands: while you can get a mortgage nationwide through a broker, if you want to visit a branch in person, you'll need to be near Nottingham, Lincoln, Derby, or Sheffield.
Common questions
Yes, particularly for borrowers with non-standard circumstances. Its flexibility on income, willingness to lend to foreign nationals, and personal underwriting approach set it apart, and customer service ratings are consistently strong. It may not have the cheapest rates for straightforward applications, though, so it's worth comparing against other lenders.
Typically 2 to 4 weeks from full application to mortgage offer. Straightforward cases can complete in around 2 weeks, while complex applications involving additional verification may take 4 to 6 weeks. Having all your documentation ready upfront speeds things up significantly.
It can consider some credit issues, including small defaults under £500 and larger defaults registered more than three years ago. It isn't an adverse credit specialist, though, so for more significant credit problems, a specialist lender may be more appropriate.
Yes, this is one of its specialities. It accepts foreign nationals from day one in the UK without requiring UK credit history, using international credit data from countries including India, the Philippines, Australia, the USA, Canada, and Germany instead. Multiple visa types are accepted, including skilled worker, global talent, and family visas.
Up to £1.5 million for loans at 75% loan-to-value or below, reducing to £500,000 at 95% LTV. In terms of income, it will lend up to 5.5x salary for households earning £60,000 or more, and 4.5x for lower incomes.
Yes, 95% LTV mortgages are available for residential purchases up to £500,000. Rates and fees for these products change regularly, so speak to an advisor for current figures.
Yes, all its mortgage products are portable. If you move home, you may be able to transfer your existing mortgage to your new property, subject to the new property meeting its criteria and your circumstances still being acceptable.
Your mortgage reverts to Nottingham Building Society's standard variable rate, which is typically higher than the fixed-rate deals on offer. It's worth remortgaging before this happens, either with Nottingham Building Society on a new deal or with another lender, to avoid the higher payments.
Most of its products are available through mortgage brokers rather than direct applications, particularly its specialist products like foreign national mortgages. We can help you access Nottingham Building Society mortgages alongside comparing options from a wide range of lenders.
No, one basic valuation is included free with every mortgage. This saves you the cost of a typical valuation fee. If you want a more detailed homebuyer report, additional costs apply.
Yes, you can overpay up to 10% of your outstanding balance each year without incurring early repayment charges. Payments over this allowance during your fixed term will incur charges.
Early repayment charges apply if you repay your mortgage early, or overpay beyond your 10% annual allowance, during the fixed-rate period. They're calculated as a percentage of the amount repaid and reduce the closer you get to the end of the fixed term. Ask your advisor for the exact charges on the product you're considering, as these vary and change over time.
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