Nottingham Building Society enhances broker support with increased procuration fee and new residential products

Nottingham Building Society has announced a series of product enhancements aimed at strengthening its commitment to the broker community. With a focus on providing superior support and value to brokers and their clients, Nottingham Building Society is rolling out a host of changes, including increased procuration fees and the launch of new residential products.

The Nottingham has increased the procuration fee to 0.30% on all residential retention products. In addition, it has introduced new residential products and reduced rates on its two-year residential range. These product updates are designed to provide even more options and flexibility to brokers, whilst helping more individuals in their pursuit of home ownership.

Acquisition:

Reduction of residential 2-year fixed rates by up to 0.23%.
Introduction of 75% and 85% Loan-to-Value (LTV) products with no fees.
Refresh of end dates to 31/12 on all 2-year fixed products.

Commenting of the launch of the new products, Alison Pallett, Sales Director at Nottingham Building Society comments: “In the last six months, we have been making significant enhancements to our new business criteria, and there are more to come! In the meantime, we have taken the decision to enhance the procuration fee we pay on our standard residential product transfers, with immediate effect.

“We understand and appreciate the value of advice to new and existing customers and all of the work this involves; we hope this increase sends out a strong message and demonstrates our continued support to our intermediary partners who work tirelessly to do the right thing. The changes are also further evidence of our strategy of making home buying more accessible for those borrowers who have historically struggled to secure mainstream mortgages.”

These changes demonstrate Nottingham Building Society’s commitment to continuously improving its offerings to meet the evolving needs of brokers and borrowers alike.

Andrew Montlake, MD of Coreco mortgage brokers commented: “This is great news from a lender that clearly understands the broker market and appreciates the hard work they do.

“The advice process brokers follow, especially in the wake of everchanging rates and Consumer Duty, is no different whether arranging a PT or a re-mortgage.

“Brokers and lenders need to work together now more than ever for the benefit of our clients, and sometimes it is steps like this that acknowledge important role brokers play in ensuring clients get proper advice that can make all the difference.”