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.How important is/isn't this to you?Is this something brokers have been calling for?What else are brokers signalling for at present from lenders?

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Nottingham updates application process

This is fantastic news and shows how lenders can support the broker community with innovation and progression. This is exactly what we have campaigning for with the 24hr Pledge. We still need more to follow though!

Michelle Lawson

Michelle is fully CeMap-qualified (Certificate in Mortgage Advice and Practice) and is friendly, approachable and very knowledgeable. With 20yrs+ experience, her wealth of knowledge and expertise is reflective with her excellent reputation locally and nationally as a trusted advisor. She enjoys travelling, spending time with friends and family and walking her beagle, Winnie.

Some lenders use the product rate desired within the affordability calculations, but that does not appear to be the case here, just gives the ability to reserve a product at the Decision in Principle (DIP) stage and hopefully secure it for a later full mortgage application within a set timeframe. Very welcome during these times of rates being withdrawn with little to no notice.

Stephen Perkins

Managing Director of Yellow Brick Mortgages and regular national media commentator on mortgages, housing and personal finance. Yellow Brick is the UK's #1 ranked finance brokerage on Trustpilot, with over 6,900 five-star reviews. Stephen specialises in helping consumers make better financial decisions by explaining complex mortgage topics in simple, practical terms.

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If selecting a product at DIP stage, secures the product for the client for a reasonable period of time, then this is excellent news and one of the key suggestions that have been asked of lenders to help the issues we have seen with lenders pulling rates with little or no notice.  Hats off to Nottingham for listening and acting so swiftly.

Scott Taylor-Barr

A mortgage geek and insurance nerd with a passion for cycling, he enjoys a local ale or gin and has an unhealthy obsession with Italy. He lives in Leicestershire with his wife and a rather lively Bordoodle dog. He has been placed in the 2019 through to the 2025 VouchedFor Top Rated Advisers lists, as well as serving on the Board of our trade body; the Association of Mortgage Intermediaries (AMI). Scott is a member of the London Institute of Banking and Finance holding their Diploma in Mortgage Advice and Practice, as well as being signed up to their CeMAP Advanced Professional program. He has over 25 years’ experience in the financial services sector, within both lenders and brokerage firms. Scott has delivered presentations to various affinity groups and business clubs on a wide range of subjects such as; residential and buy-to-let mortgage lending and the use of Trusts within life insurance. He has also had articles feature in various publications.

In a world of rapidly changing rates, being able to book a product in advance is only a good thing for brokers and clients. Removing that pressure of cobbling together a submission to meet a product withdrawal deadline with a mere few hours notice can only up the standards of submission and reduce the risk of fraudulent cases being submitted by unaware, frazzled brokers.

Rhys Schofield

Rhys has worked in the financial services industry for the last 13 years, winning a number of accolades along the way. His final employed ‘job’ was overseeing 27 mortgage brokers where he won top Divisional Director for Just Mortgages in 2018. To top it all off – he made the final three for top Protection Broker at the 2020 British Mortgage Awards!

Keen to develop a fantastic customer journey to its full potential, he set up Peak Mortgages and Protection in 2019. He has taken all of the great elements picked up over the years to create an end to end process that clients feel at the heart of and that is what good advice should look like.

He has been nominated for a number of awards over the past two years and specialises in protection, as well as mortgages. 

Nottingham updates application process

4 responses from the Newspage community
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Michelle Lawson

Director at Lawson Financial

Stephen Perkins

Managing Director at Yellow Brick Mortgages

Scott Taylor-Barr

Principal Adviser at Barnsdale Financial Management

Rhys Schofield

Brand Director at Peak Mortgages and Protection

4 responses from the Newspage communityCopy all

4 responses from the Newspage community
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