GET AN ANSER IN JUST 15 MINUTES WITH ASTRA'S POINT OF SALE DECISION

The background
Astra, the intermediary lending arm of Norwich and Peterborough Building Society, launched fully on the 10th March.  One of the key drivers of this new and exciting lending brand was to deliver the benefits of Basel II pricing directly to the consumer, via you – the broker.

Basel II allows a lender to price, based on their own analysis of the applicants risk profile. This allows a lender to price products lower for those they see as lower risk borrowers.  The N&P Group was the first lender in Europe to be accredited for having this level of risk profiling.

But how does it work for you?
Our online PoS-D system allows you to get a decision within 15 minutes as to whether this is a case we will lend on or not. More than an AIP, it is a decision to lend produced by you, subject to validation of the key information by us – you can even produce a Decision Certificate to give to your client. 

In addition to this, if you select one of the new PoS-D products it can cascade the rate either up, or down based on the risk profile of the applicant – so a case that would be declined as a “failed credit score” with another lender may simply be charged a slightly higher rate by us to accommodate the increased risk.

This pricing for risk enables you to find a solution to your clients’ mortgage needs in more cases; so increasing your chance of securing the business.

Brokers using the system have commented favourably on it’s speed and ease of use and appreciate the benefits it provides. The proportion of brokers now using the system have increased continuously since launch.

For more information on Astra
Contact your Regional Business Manager, or call the Intermediary Sales Team on 0845 127 2728.