The service has been formed as a pdf document that can be searched by development, developer name or postcode and can be accessed through Nationwide for Intermediaries’ website.
The document will show where lending is unavailable based on either Nationwide having reached its maximum number of properties for that site, labelled ‘new build exposure’, or where there are other risk factors, called ’new build risk’.
The information will be updated regularly and will include details about the phase of the development when lending closures kick in.
Nationwide has employed a team of surveyors providing ongoing appraisals of new developments based on site visits. These evaluations set an exposure limit based on factors such as location, quality, ground rent and future saleability.
“This new exposure tool is responding to intermediaries’ feedback. It provides greater certainty upfront about acceptance and speeds up the application process,” said Andy Dean, Nationwide’s head of new build and intermediary support (pictured).
“It enables brokers to make decisions independently and saves time and phone calls when researching the most appropriate lender,” Dean added.
New build brokers welcomed the initiative.
“This information will be enormously helpful for new build specialist brokers particularly, helping them to avoid encountering over-exposure issues too late in the advice process,” said Oliver Peace, managing director and firm principal of James Leighton Financial Services.
Alex Hyde, commercial director at Mortgage Bureau, added: “This will be a great time-saver and stops us having to contact Nationwide every time we think they may be approaching their limit on a site.”
Reduced time to offer
Nationwide BS has been piloting a new build service for intermediaries’ submitted applications that ensures all cases are owned and managed from end-to-end by the same new build specialist. The new approach has reduce time to offer from 11 to eight days.