Residential  

The Nottingham returns to mortgage market

The Nottingham returns to mortgage market
 Credit: Jason Alden/Bloomberg

The Nottingham has returned to the mortgage market after withdrawing its product range in September.

The building society has reintroduced a range of fixed-rate and discount residential, buy-to-let, limited company buy-to-let and self-build products.

It will be offering its mortgages via a limited distribution of 12 networks and large firms.

Nikki Warren-Dean, head of intermediary sales at The Nottingham, said: “We are happy to have mortgages available again following the temporary break, which acted as a positive opportunity to work through the unprecedented level of applications.

“We can assure all brokers that this is structured in a way that eases us back into the marketplace in a measured way to ensure we can maintain our high levels of service. We hope to be able to open up distribution to our entire broker network in the very near future.”

The lender withdrew its mortgage product range in September in order to manage service levels after receiving an “unprecedented” level of applications.

This is mirrored across the industry, with many lenders dipping in and out of the market since the first coronavirus lockdown, particularly with their high value ranges.

In September, the Intermediary Mortgage Lenders Association (IMLA) announced it would be surveying members to identify the challenges to lenders that were straining service levels.

Data from the Bank of England last week found the number of mortgage approvals for house purchases in September was around 10 times higher than the “trough” of 9,300 approvals in May.

chloe.cheung@ft.com

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