ASTRA STANDS FIRM IN UNCERTAINITY
Norwich and Peterborough Building Society launched its Astra Mortgages brand to deal with all intermediary business in March 2008. Since launch the demand from distributors for mortgage products via the Point of Sale Decision (PoS-D) system has been overwhelming and Astra’s team have been working flat out to cope with the demand for the service.
The PoS-D system was launched as an innovative broker support facility, enabling brokers to offer their customers a confirmed loan amount and rate within 10-15 minutes, incorporating a unique system of an affordability calculator, mortgage product Key Facts Illustration, customer Mortgage Certificate and confirmed rate of interest all in one place.
The system also capitalises on the Society’s Basel II waiver, as lower risk borrowers may obtain a better than advertised rate. No other lender has this system. Since launch, use of the system has grown phenomenally. From 31% broker take-up inApril, 83% of mortgage applications in August from intermediaries were via the PoS-D route.
Jeremy Lofts, regional business manager for Astra Mortgages, commented: “PoSD is just what is needed during the credit crunch - with so much uncertainty in the market, it brings certainty. Many institutions are facing serious funding pressures and some are falling by the wayside but Astra is maintaining a stable ‘footprint’ in the mortgage market with net lending in the first 6 months of 2008 the highest ever for introduced business for Norwich and Peterborough.”
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