Nottingham Building Society has further eased its criteria for overseas buyers purchasing new-build homes.

It will now allow borrowers who take its foreign national or returning expat mortgages to use new-build incentives of up to 5% towards their deposit.

The lender will also make it easier to extend an offer from six-months to nine months with an updated credit check.

It follows a host of other updates by Nottingham to improve mortgage access for foreign buyers and returning expats this year.

Sales director Matt Kingston says: “We’re delighted to bring this to the market, it’s what our brokers have been asking us for.

“It’s clear that the new build market will be key to helping the government deliver challenging targets and anything we can do to add to this is very exciting for us.

“We have spent our time working on this change alongside our exciting foreign nationals policy to ensure we can continue to deliver enhancements to our propositions.”

He says further updates will be made in this area next year.

LSL director of strategy Craig Hall says: “Nottingham’s expansion of new build incentives for foreign nationals is a welcome and significant development.

“As someone who works closely with new build brokers, there is an increasing demand from foreign nationals seeking to buy new build properties.

“The extended offer validity period to nine months is another practical step forward.

“It gives buyers the time they need to navigate the home-buying process, in addition to providing greater certainty during the window from exchange to completion.”

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