The Nottingham withdraws mortgage products for first time ever
The Nottingham building society has temporarily withdrawn its mortgage products for the first time in its history after receiving what it is calling an “unprecedented” level of applications.
The Nottingham says the move will help support brokers and their clients with business already submitted and “bring service levels back in line” to what they have been used to.
Nikki Warren-Dean, head of intermediary sales at Nottingham, said: ““The Nottingham for Intermediaries has received an unprecedented level of applications recently and it’s important we manage those volumes in a timely way for brokers and their clients. This short-term measure will allow us to work through all outstanding cases and provide as many positive outcomes as possible. We always aim to give our brokers as much notice as we are able to when implementing product range changes, but in this fast-moving climate it hasn’t been possible on this occasion and these changes take place with immediate effect.
“Helping people onto, and along, the property ladder has been an important part of our DNA for over 170 years and that ethos hasn’t changed. We will return to the mortgage marketplace with a range of competitively priced products as soon as possible and communicate product news to brokers in the first instance.”
A spokesperson for The Nottingham told TheBusinessDesk.com that the building society “is not alone” in experiencing backlogs due the coronavirus pandemic.