Nottingham Building Society has made a change in its mortgage application process, offering brokers the option to select a product at the decision in principle (DIP) stage.
By selecting a product at the DIP stage, brokers can ‘lock in’ that product, ensuring its availability even in the event of short-notice withdrawals.
To alleviate potential disruptions caused by product withdrawals, The Nottingham also committed to providing brokers with advance notice of any changes.
In most cases, brokers will receive a 24-hour notice period, enabling them to convert the DIP into a full mortgage application.
After this point, brokers can still submit an application, but they will be required to choose an alternative product from the available options.
Alison Pallett, sales director at The Nottingham Building Society, 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on the products available to their customers, without the need for rushed and panicked applications when products are withdrawn.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 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.”
