It is now offering brokers the option to select products at the DIP stage
Nottingham Building Society has made a significant change in its mortgage application process to give brokers the option to select products at the decision in principle (DIP) stage.
The mutual said the change would provide increased flexibility and certainty in product availability, as brokers are now able to lock in a product by selecting it at the DIP stage, ensuring its availability even in the event of short-notice withdrawals.
The lender also committed to providing brokers with advance notice of any changes to alleviate any potential disruptions caused by product withdrawals.
The Nottingham said that in most cases, brokers would receive a 24-hour notice period, enabling them to convert the DIP into a full mortgage application. Brokers would also be notified by email regarding the deadline to complete the application process.
The introduction of the new process, the mutual stressed, underlines its commitment to supporting brokers in navigating the market, especially in the face of the ongoing mortgage market chaos.
“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on the products available to their customers, without the need for rushed and panicked applications when products are withdrawn,” stated Alison Pallett (pictured), sales director at Nottingham Building Society.
“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.”
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