26 Feb 2013

NHBC Online Update

NHBC Online Update

Gemma Perfect, Associate, provides an update on NHBC's new online system and looks at how it will benefit both private and lender clients alike.

Gemma Perfect, Associate, provides an update on NHBC's new online system and looks at how it will benefit both private and lender clients alike.

NHBC have partially launched their online system insofar as new applications to obtain an NHBC policy can be made online.  However, where we require to request duplicate documents for existing policies, we still require to firstly make a telephone enquiry to check if the property has Buildmark cover, then follow this up with a letter and a cheque. It can then take several weeks for the paper policy to be received.

Once this process has been transferred to the online system, the main benefits will be:

  • We will have direct access to the NHBC database to check whether a property has the benefit of Buildmark cover;
  • NHBC will no longer send paper acceptance packs - all submissions will be made online; and
  • Perhaps most importantly, use of the online system will be free of charge.

Practically speaking, the introduction of this system is going to be very useful to us as there will be less administration and time involved.

However from a TCF point of view this system will also be beneficial. As this service is free to use it means that in cases where cover is required, we will not have to charge the cost of obtaining this policy to the borrower’s mortgage account. It also means that since information regarding NHBC will be more readily available missives could potentially be concluded more quickly, which in turn also means that less interest shall be accrued on the borrower's account.

Needless to say, the introduction of this online ordering system is eagerly awaited and should hopefully prove to be a very useful tool for us moving forward.

Gemma Perfect, Associate


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