Hampshire Trust Bank extends DIP validity to 90 days
Hampshire Trust Bank (HTB) has announced that it is extending its Decision in Principle (DIP) from 30 to 90 days across its specialist mortgage product range.
This change is in addition to HTB’s recently extended offer period, which is now also valid for 90 days.
Based on broker feedback, the extension provides a single, simplified deadline, reducing multiple timeframes before and after the issuance of a DIP and pre-offer, often frustrating brokers.
It results in streamlined communication between lender, broker and their landlord or investor clients.
The move is part of HTB’s continued drive to provide an award-winning service and has made the decision to extend DIPs for 90 days in order to reduce administrative burden, and give brokers more time to support their clients, alongside simple, clear timeframes to progress a case.
Note that a DIP must be accepted within 30 days by instructing a valuation.
HTB provides professional investors with specialist residential and semi-commercial loans up to £25m for limited companies, offshore entities, expats and foreign nationals.
Chris Daly, managing director, specialist mortgages at Hampshire Trust Bank, commented:
“By working closely with brokers, we’re constantly fine-tuning our award-winning service no matter the market conditions we collectively face.
Providing an extended DIP, now aligned with our offer period, is our way of simplifying the number of deadlines brokers need to track and progress a case.
It’s a small change with big impact, reducing the administrative burden of a deal, and giving back valuable time which in turn allows brokers to focus more on their clients and the options available to them.
Indeed, regardless of market conditions, we’re still lending and have the same strong appetite to support and champion experienced landlords and property investors via our award-winning service.”
Steve Williams from Redgate Financial, commented:
“In a time of unprecedented interest rate fluctuation, it is both reassuring and vital to have lenders such as HTB who treat both brokers and their clients with such professionalism and courtesy.
In the last 18 months we have seen lenders withdrawing rates giving no more than two hours’ notice on some occasions – thank you to all at HTB for not adopting this approach but actually instead giving brokers back valuable time to better focus on our clients.”