All shapes and sizes

At The Nottingham we like saying ‘yes’ – we’ve been lending money to help people buy their own homes for over 170 years so it’s something we’ve got pretty good at.

And all that experience has taught us that borrowers – including those buying their first homes – come in all different shapes and sizes. That’s why we take a common-sense approach to our criteria, to ensure it really benefits our borrowers.

One example of this is our 40-year maximum term that allows borrowing up to the age of 75. While most first-time buyers are likely to be a good few decades off that, it allows them the flexibility to opt for lower monthly repayments – a massive benefit during the ongoing cost of living crisis.

Indeed, affordability could be a stumbling block for many would-be homeowners this year, which is why we take a generous and fair view of a borrower’s incomings and outgoings. For example, we make our affordability assessment based on real-time bank statements, rather than ONS data. It’s just one example of how we put the individual at the heart of our business.

We can also consider a range of income types, such as fixed-term contracts, and what about first-time buyers who are self-employed? Well, we don’t want to penalise those with growing businesses, or those that struggled during the pandemic. So, while we need to see three years of trading figures, we’ll only assess earnings from the last 12 months.

We also recognise that our borrowers might not have a spotless credit record. That’s why we ignore two missed rent or loan payments in a two-year period and any adverse credit history that’s been satisfied for at least three years. In terms of credit commitments, we also ignore anything with less than six months remaining or that will be repaid prior to completion. Last year, we also introduced soft credit searches, meaning you can apply for a DIP on behalf of your client safe in the knowledge that it won’t impact on their credit rating until it’s converted into a full mortgage application.

We’re confident our common-sense criteria, flexible approach and competitive products represent a great option for first-time buyers. Our 95% products are fee-free and come with one free basic valuation and a subsidised Homebuyers report.

So why not check out our product range and see if a mortgage from The Nottingham fits your clients’ needs?