Hanley Economic Building Society is providing its intermediary partners with a minimum of seven days to submit a FMA following any product withdrawal, providing a DIP has been agreed.
This commitment has been introduced by the lender to offer intermediaries additional time and to convert DIPs into FMAs in such a volatile product arena.
Each case will still be assessed on an individual basis by the in-house underwriting team —meaning no credit scoring — with a range of products including BTL available through the Hanley Economic BS network.
David Lownds, head of products and marketing at Hanley Economic BS, commented: “Operating in such a highly unpredictable lending environment makes it difficult to offer assurances around the shelf life of any individual product.
“By introducing the certainty of a seven-day transition window, we can ensure that our intermediary partners have sufficient time to collate all the necessary documentation to support a FMA and help mitigate disruption for them and their clients.
“We hope this commitment brings some relief in a time-pressured marketplace and we pledge to continue providing advisers with strong lines of communication, transparency, and as much notice as possible around any product changes going forward.”
