Nottingham Building Society has announced a series of product enhancements aimed at strengthening its commitment to the broker community. With a focus on providing support and value to brokers and their clients, the society has made a number of changes, including increased procuration fees and the launch of new residential products. The procuration fee has been increased to 0.30% on all residential retention products, with new residential products and reduced rates being introduced on its two-year residential range, which are up to 0.23%. The two-year residential range has seen the introduction of 75% and 85% LTV products with no fees.

One Mortgage System (OMS) has appointed Graham Beckett as a business relationship manager, bringing almost 25 years’ experience operating in a variety of roles across financial services. He joins the firm from Smoove, where he worked as national account manager for two years, after spending five years as a business development manager at MetroBank. Beckett also spent 10 years at HSBC in financial planning and ran his own consultancy business. As part of his new role, he will be tasked with attracting new users and lending partners whilst supporting existing users to maximise their experience on the platform.

Precise Mortgages has simplified the minimum ICR for personal ownership applicants and improved how they assess buy-to-let (BTL) affordability on short-term fixed rates and variable rate trackers. The changes by the firm, which is part of OSB Group, is set to provide more options for personal ownership and BTL clients seeking larger loans, in particular for those who are higher rate and additional rate taxpayers. As part of these changes, the minimum ICR for higher rate and additional rate taxpayers will now be 140%, down from 145% for higher rate and 160% for additional rate customers. The stress rate for short-term fixed rates and variable rate trackers will now be assessed at pay rate plus 1.55% (minimum 5.50%) and is applicable to single dwellings and HMOs for all purchase and remortgage applications.

Share Story: