Nottingham Building Society has introduced changes to its system of applying for one of its mortgage products that are intended to provide advisors with more flexibility and assurance about the availability of products.
The system will now allow mortgage advisors to choose a suitable product on behalf of their clients when they get to the Decision in Principle (DIP) part instead of later in the process. It will mean that advisors will be able to lock in the mortgage they want at that point in the application, which will guarantee that it remains available for their client even if Nottingham BS withdraws it at short notice.
Nottingham BS has also stated that it will be providing advisors with a notice period, generally of 24 hours, before withdrawing products from now on. Both of these moves are likely to be welcomed by advisors at a time when products are routinely taken out of circulation by lenders with almost no warning.
They will have the option of using the 24 hours’ notice to get DIPs converted into completed applications for loans and will receive email communications informing them of the deadline for completion of these. If they miss that deadline they can still apply for a mortgage, but will have to select a replacement loan for the one that has been withdrawn.
Alison Pallett from Nottingham BS said that the lender knew the pressures advisors faced and wanted to reduce these.
This will be welcomed by those with CeMAP mortgage advisor training given the current market fluctuations.