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Nottingham BS adds 10-year fixed RIO and upgrades broker portal

  • 26/11/2019
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Nottingham BS adds 10-year fixed RIO and upgrades broker portal
Nottingham Building Society has introduced a 10-year fixed rate retirement interest only (RIO) mortgage replacing its previous seven-year product.


The rate is 3.95 per cent for 10 years and it comes with a free valuation and £995 fee.

The new product has added to a RIO range that already comprises shorter, fixed-term products with no fees.

“We have refreshed our RIO mortgage range twice, having added it six months ago, ensuring we give as much choice as possible for customers,” said Nikki Warren-Dean, head of intermediary sales at The Nottingham for Intermediaries.

“We introduced a 10-year fixed rate RIO taking into account broker feedback and to ensure we’re positioned to help customers make the right decisions for their circumstances,” Warren-Dean added.


New broker portal

Meanwhile, The Nottingham unveiled a new online portal for brokers promising improvements to user experience, processes and turnaround times. The system is based on Salesforce technology and was refreshed in response to brokers’ feedback.

The updated platform should enable brokers to register in fewer than four minutes and in under seven to perform a decision in principle including electronically checking identity and credit score, The Nottingham said.

A client case could be converted into a full mortgage application and submitted within a further 10 minutes, including paying fees and uploading documents. 

“Feedback and suggestions from our broker network helped us to create the new portal. We worked with Salesforce to deliver a system built for brokers,” Warren-Dean continued.

“The new portal, combined with direct access to underwriters, simplifies and enhances the application journey,” she added.

Salesforce head of financial services, Alan Donnelly, said: “The broker wish-list formed the foundation stones for a transformed portal and digital journey for brokers.”


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