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Nationwide extends remo offer period and updates broker system

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  • 10/06/2019
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Nationwide Building Society is extending the period of time a remortgage offer is valid from 90 to 180 days.

 

The lender has also made a number of broker-focused systems improvements with the aim of allowing brokers to speed up applications by making their own updates rather than having to make telephone enquiries.

Intermediaries will now be able to unlock a decision in principle (DIP) themselves, allowing them to make their own amends to the data in any DIP decision and resubmit.

The DIP decision screen has been improved and simplified to speed up the process. Information on rate switching has been made more accessible.

The extended remortgage offer is available from 11 June. Nationwide intends that the extension will increase flexibility for customers and brokers who want to reserve a product when they make an application.

“The change has been made in response to feedback from intermediaries and industry research showing that nearly a third of all remortgage applications are reserved more than three months in advance of the customer’s existing mortgage deal coming to an end,” it said.

Data from the latest Iress Intermediary Mortgage Survey Report again found that brokers wanted to see improvements from lenders to reduce the number of calls they have to make about applications.

 

Same as purchases

Nationwide intermediary relationships director Ian Andrew said: “By doubling the offer period from 90 days to 180 days, we are allowing a longer time period in which to complete, which is particularly useful for those who wish to access a new mortgage deal at the end of their existing one.

“It also brings remortgage product offers in line with purchase offers.

“We’ve updated our intermediary platform in response to ongoing feedback from brokers, enabling them to complete the process more smoothly and demonstrating Nationwide’s ongoing commitment to the intermediary sector.”

 

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