Life Happens is designed for your residential clients who have suffered a life event or temporary issue which has impacted their credit history and are now on the road to financial recovery.
Since launching Life Happens, these are cases that we’ve received and are the Life Happens customers we aim to support:
Case Study – Temporary loss of income
The applicant is a teacher and union member who took part in strike action during 2023. This resulted in a temporary loss of income, which in turn led to the adverse credit events.
Adverse Summary
- 7 defaults within a five‑month period in 2023
- 4 defaults remain outstanding
- A utilities account showing status 6 in the latest month
All other accounts have been well maintained for the last two years. The underwriter recognised the utilities arrears were a ‘blip’ and that credit accounts had since been managed well.
Outcome
Case approved! 69% LTV, 2-year product selected at a rate of 5.34%* (LH1)
*Information correct as of March 2026
Example case 1:
Life event: Relationship breakdown
Application details: Joint application, both applicants employed, requested 75% LTV.
Financial difficulty: Applicant 2 had a credit card default of £1,646 unsettled (October 2023), and a personal loan default for £1,610 settled in 2025.
Example case 2:
Life event: Relationship breakdown
Application details: Sole employed applicant, property purchase at 85% LTV.
Financial difficulty: Applicant had 12 defaults all registered within a few months of each other in 2020. All defaults were wrapped up in an IVA, which was discharged in July 2025.
Who is Life Happens for?
This proposition is designed for applicants who:
- Have previously faced financial difficulty due to a life event (such as illness, job loss, or divorce).
- Can demonstrate a clear recovery period and a consistent ability to manage their finances since then.
- Are ready to move forward without being held back by past circumstances.
We believe in understanding a customer’s full financial picture and we’ve adjusted our core lending criteria to introduce new, clearly defined lending tiers. These tiers allow us to cater for a broader range of circumstances, including applicants with more recent, but well‑managed credit issues. Visit our Life Happens page.
Support from your dedicated BDM
Every broker working with Nottingham Building Society has access to a dedicated BDM. Our team is on hand to support you with any application queries, and they have direct access to a specialist underwriting team for pre submission discussions whenever needed. Visit our BDM page