Mortgage brokers deserve recognition for the key role they play
In the last couple of months, we at The Nottingham have made some significant enhancements to our lending criteria as part of the ongoing evolution of our mortgage proposition. As a mutual, our purpose is to support as many people onto the property ladder as possible, but with the ongoing cost of living crisis that is now a significant challenge for many would-be first-time-buyers, especially those deemed ‘non-standard’ by the industry.
Our focus, therefore, is on how we can better serve the ever-changing needs of modern borrowers – but we’re also keenly aware of the difficulties faced by brokers and we know you’re currently facing more challenges than ever.
A volatile mortgage market with ever-changing rates, the new consumer duty regulations and a significant number of products reaching the end of their term are all contributing to making it a difficult period to navigate.
At The Nottingham, we recognise the hugely important role you play in achieving the strongest customer outcomes and that is why we’ve put the broker – as well as the customer – at the very heart of our mortgage business.
One example of this was our decision to increase the procuration fee to 0.30% on all our standard residential product transfers. The advice process, after all, is no different whether arranging a PT or a remortgage and the uplift in fees is a logical step to better acknowledge and compensate brokers for the advice they provide.
To further support brokers, we also recently introduced product selection at DIP stage, which provides 24-hours’ notice to complete an application should a product be withdrawn.
Now more than ever, we believe brokers and lenders need to work together for the benefit of borrowers and we hope these changes demonstrate our continued support to our intermediary partners who work tirelessly to do the right thing.