Nottingham BS signs up to Mortgage Broker Tools

February 8, 2024 by Heidi

Mortgage Advisors

Nottingham Building Society has announced that it is linking up with the platform Mortgage Broker Tools (MBT), in the hopes that this will increase the amount of choice and improve efficiency for mortgage advisors.

The platform provides a range of tools designed to help advisors with everything from the sourcing of suitable products for their clients, to carrying out criteria and affordability checks. Nottingham BS believes that teaming up with MBT will make it easier for advisors to source a wider selection of mortgage loans, and also make completing the various stages of standard mortgage applications faster and more efficient.

It will also enable the building society to connect with potential borrowers that it has been unable to reach up until now. That includes those who cannot meet the criteria for mortgages from the major lenders, and people with complex financial situations.

The main function performed by the MBT platform is to utilise information on lenders concerning service standards, product choice, criteria and affordability to identify suitable ones for each client.

The last of those points is one of rising importance, according to advisors. MBT research found that 94% of advisors considered affordability to have become a more complicated matter throughout the last year. The results of MBT searches combine credit status, rates and criteria data to provide relevant product results, reducing the time advisors spend searching by as much as 47 minutes per application.

Anyone with CeMAP mortgage advisor training will welcome lenders embracing technology that can make mortgage applications easier.