Nottingham Building Society will give brokers the option to select a product at the decision in principle (DIP) stage to give them greater flexibility and certainty.
The change in the mortgage application process will offer “increased flexibility and certainty in product availability”.
The lender said that by selecting a product at the DIP stage brokers can lock in a product, making sure it is available even if there are short-notice product withdrawals.
The mutual is also committing to provide brokers with advance notice of product changes. It said that in most cases brokers will receive a 24-hour notice period, allowing them to convert the DIP to a full mortgage seamlessly.
The broker will then be notified via email around the deadline to complete the application process and after this point, brokers can submit an application but will need to choose an alternative product from available options.
Nottingham’s sales director Alison Pallett (pictured) said: “With the continuing volatility in the mortgage market we’re hoping to provide brokers with additional clarity and certainty on the products available to their customers, without the need for rushed and panicked applications when products are withdrawn.
“We’re always keen to understand the pressures and frustrations brokers will face, and we hope this change clearly demonstrates how, whenever possible, we respond to broker feedback and make changes that provide genuine benefits to them and their customers.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
