Hanley Economic Building Society has committed to providing its Channel Partners with a minimum of seven days to submit a complete Mortgage Application (FMA) following any product withdrawal, provided a Decision in Principle (DIP) has been agreed.
This commitment was introduced by the lender to provide intermediaries with more time and certainty to convert DIPs to FMA in such a volatile product area.
Each case will still be assessed on an individual basis by the in-house underwriting team, meaning there will be no credit scoring, with a range of residential, buy-to-let, condominium, pension interest only and self-build products available through the Hanley Economic Building Society’s branch network and selected intermediary channels.
Hanley Economics Head of Products and Marketing, David Lownds, comments: “Operating in such an unpredictable lending environment makes it difficult to offer assurances regarding the shelf life of an individual product.
“However, by introducing the certainty of a seven-day transition window, we can ensure that our channel partners have ample time to gather all the necessary documentation to support a complete mortgage application and help mitigate disruption for them and their customers.”
He adds, “We hope this commitment will provide some relief in a time-pressed market and we are committed to continuing to provide advisors with strong lines of communication, transparency and as much notice as possible regarding any product changes in the future.”