Nationwide launches new build exposure tool
Nationwide Building Society has launched a new build exposure tool for brokers.
This is aimed at simplifying the process for intermediaries looking to determine whether they can secure borrowing on a particular development.
Andy Dean, Nationwide’s head of new build and intermediary support, said: “Our new exposure tool provides greater upfront certainty around acceptance, helps further speed up the application process and has been launched in response to intermediary feedback.
“It will allow any broker to make decisions independently and saves time and phone calls when researching the most appropriate lender in each case. This is another enhancement that underlines our commitment to improving our intermediary and new build proposition.”
Accessed via a dedicated link on the Nationwide for Intermediaries website, the site will link to a PDF, enabling a search by development, developer name or postcode area for sites currently closed to new lending.
This will either be listed as new build exposure, where the maximum number of properties accepted by Nationwide has been reached, or new build risk, where the site is deemed unsuitable for lending due to other risk factors.
It will be updated regularly to make sure the information is current and will include detail as to which phase of the development the closure applies.
The society’s team of area surveyors continually appraise new developments across the UK. They will visit a development to assess a variety of factors including location, quality, ground rent and future saleability, then set an exposure limit based on these factors.
Oliver Peace, managing director and firm principal of James Leighton Financial Services, added: “I’m very pleased to see the launch of Nationwide’s new exposure tool.
“This will be enormously useful, for new build specialist brokers in particular, to avoid encountering over-exposure issues too late in the advice process. This can only serve to improve customer outcomes and add value to the service offered by intermediaries.”
Alex Hyde, commercial director, Mortgage Bureau, said: “Having a simple and easily accessible tool to check exposure levels will be a great time-saver for brokers, and save us having to contact the Nationwide team every time we think that they may be approaching their limit on a site.”