Hanley Economic Building Society has committed to providing its intermediary partners with a minimum of seven days to submit a full mortgage application (FMA) following any product withdrawal, providing a decision in principle (DIP) has been agreed.
This commitment has been introduced by the lender to offer intermediaries additional time and certainty to convert DIP’s into FMA’s in such a volatile product arena.
Each case will still be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, with a range of residential, buy-to-let, shared ownership, retirement interest-only and self-build products available through the Hanley Economic Building Society branch network and selected intermediary channels.”
Hanley Economic’s head of products and marketing David Lownds comments: “Operating in such a highly unpredictable lending environment makes it difficult to offer assurances around the shelf life of any individual product.
“However, by introducing the certainty of a seven-day transition window, we can ensure that our intermediary partners have sufficient time to collate all the necessary documentation to support a full mortgage application and help mitigate disruption for them and their clients.”
He adds: “We hope this commitment brings some relief in a time-pressured marketplace and we pledge to continue providing advisers with strong lines of communication, transparency and as much notice as possible around any product changes going forward.”
