Nottingham Building Society (The Nottingham) has announced a significant change to its mortgage application process, now offering brokers the option to select a product at the decision in principal (DIP) stage, providing increased flexibility and certainty in product availability. Through this, brokers can now ‘lock in’ a product, ensuring its availability even in the event of short-term withdrawals. The Nottingham has committed to providing brokers with advance notice of any changes, and in most cases, brokers will receive a 24-hour notice period via email, enabling them to convert the DIP into a full mortgage application seamlessly. After this point, brokers can still submit an application, but they will be required to choose an alternative product to the options available.
Hampshire Trust Bank (HTB) has appointed Andrea Glasgow to the position of sales director for specialist mortgages. As part of her new role, Glasgow will be responsible for all aspects of the sales process, including broker relationships, origination of new business and the management of pipeline cases, providing all brokers partners with a single point of contact and consistency across sales and origination. The role encompasses Glasgow’s current role of head of new business. During her 16-year career in financial services, she has previously worked at Castle Trust and Glenhawk.
Paragon Bank has launched a number of limited edition five-year fixed rate products to its range of buy-to-let mortgages, with rates starting at 5.75%. The products, which include lower rates for properties with EPC ratings of A-C, are available at up to 75% loan-to-value (LTV) with rates fixed over a five-year term. For landlords borrowing up to £4m for the purchase or remortgage of single self-contained units (SSC), rates start of 5.75%, with the interest cover ratio (ICR) set at pay rate. The products incur a 5% product fee and include a free valuation. The bank has also launched new five-year fixed-rate products for landlords purchasing or remortgaging housing in multiple occupation (HMO) or multi-unit blocks (MUB), with rates starting at 6%, with a 5% product fee and a maximum loan size of £4m.
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