Mutual building society the Nottingham has created a digital transfer service to help mortgage brokers transfer clients more easily to a new product – and be given a fee for doing so.
According to chief customer officer Iain Kirkpatrick, the launch of the product transfer service has come in direct response to calls from mortgage advisers to make the process digital and help customers move from one mortgage to another with the same provider.
He said: “The broker community has been asking for this.”
The new process will allow brokers to move existing Nottingham mortgage clients to a new product with the mutual at the end of their fixed-rate period.
Once a broker has been verified on the system, he or she will have online access to their client’s current mortgage information before proceeding to application submission online.
While the service is only just being rolled out, with more details on the tech updates coming soon, Kirkpatrick confirmed to FTAdviser that brokers will be paid on any successful applications they submit on behalf of existing customers of The Nottingham from July onwards.
He said: “We’re keen to ensure that with the introduction of broker product transfers we also bring to life a digitised process to make things as efficient as possible.
“Brokers can be safe in the knowledge that after the fixed rate period they will be able to place product transfer business with us.”
He acknowledged the strength of relationships that advisers have with their brokers, adding: “Paying them a fee if the customer remains with The Nottingham as a result of their help and advice is a really positive step forward.”
The Nottingham is one of the oldest mutual societies still in operation today, having been founded in 1849, and has more than 40 branches across nine UK counties.
It also partners with advisers such as the Mortgage Advice Bureau, as well as estate agency and lettings provider Belvoir Group, among others.
Last year, Nottingham Building Society’s announced that its chief executive David Marlow was set to retire after 10 years at the helm of the business.
He first joined the Nottingham in 2006, before becoming chief executive in 2011.
At the time, he told FTAdviser: “The board and I have been in discussions regarding the long-term leadership of the society. We have agreed to work to a plan that will see me step down from my role during 2022.”