Nottingham Building Society has introduced the option for brokers to select mortgage products at decision in principle (Dip) stage.
The lender says the change will provide increased flexibility for brokers and certainty in product availability by locking in a deal and protecting it against short-notice withdrawals.
With reference to product withdrawals, the Nottingham says it is committed to providing brokers with advance notice of any changes and that, in most cases, brokers will receive a 24-hour notice period.
Brokers will be notified via email regarding the deadline to complete the application process. After this point, brokers can still submit an application, but they will be required to choose an alternative product from the available options.
The Nottingham sales director Alison Pallett says: “With the continuing volatility in the mortgage market we’re hoping to provide brokers with additional clarity and certainty on the products available to their customers, without the need for rushed and panicked applications when products are withdrawn.
“We’re always keen to understand the pressures and frustrations brokers will face, and we hope this change clearly demonstrates how, whenever possible, we respond to broker feedback and make changes that provide genuine benefits to them and their customers.”
Last month, the lender loosened its mortgage borrowing criteria for contract workers.
For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. www.nmlsconsumeraccess.org
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