We're changing our application process to give you the gift of time!
At Nottingham Building Society we know that the unprecedented volatility in the mortgage market is making life tough for borrowers… and also brokers.
Which is why we’re constantly looking at our criteria and processes to see where we can make changes that will really benefit you, our intermediary partners, and your customers.
And we think you're going to love this one!
You will now be able to select a product at the DIP stage of an application, which will secure that product should we need to withdraw it. If that happens, we’ll give you advance notice that the product is being withdrawn and then give you additional time to convert the DIP to a full mortgage application.
In most cases we’ll provide you with 24-hours’ notice, but we’ll email you to let you know when you need to complete the application by. We also know that flexibility is key, so even though selecting a product at DIP stage secures that mortgage for your customer, you can also select a different product during the full application, should you need to.
If you miss the 24-hour window, you can still submit an application, but you’ll need to select an alternative product*.
Sales director Alison Pallett said:
"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on the products available to their customers without the need for rushed and panicked applications when products are withdrawn.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 you face, and we hope this change clearly demonstrates how, whenever possible, we respond to your feedback and make changes that provide genuine benefits to you and your customers."