Nottingham removes hard footprint in early stages of loan process
Nottingham has announced that it will no longer leave a fingerprint on the credit file of mortgage applicants at the Application and Decision-In-Principle (DIP) stage.
Instead, the lender introduced soft research, through credit reporting company Experian, early in the loan process.
This means that a broker can apply for a DIP on behalf of their client knowing that it will not impact a credit score until it is converted into a Complete Mortgage Application (FMA).
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At the FMA stage, The Nottingham said it would then focus on factors such as a customer’s income, financial situation, whether mortgage payments are affordable now and in the future, and look further into credit history as part of its responsible lending policy.
The development has been welcomed by The Nottingham’s Head of Mortgage Products, Christie Cook, who took up a new role with the building company in January.
“The introduction of flexible credit searches at the application stage is really positive for brokers and their clients,” Cook said. “A big driver for me coming to The Nottingham has been hearing about his dedication to reinventing the way he does mortgages and this is another great example of that.”
“What’s fantastic is that all of this is just the start of an exciting year where there will be more initiatives and products announced, all of which fit perfectly with our philosophy of listening to feedback brokers and build around them.
“Most importantly, the aim is to continue to help people put a roof over their heads – something The Nottingham have been proud to do for over 170 years and which I am extremely proud to be a part of. now too.