We’re working on simplifying our application process so that there is minimal involvement required from your client, and this will be reflected on this page in due course. During the application journey, your client will receive progress updates via the Nomo app.
Because Nomo provides Sharia-compliant Property Finance, the amount of documents that your client will receive for signature is different than for conventional mortgage finance, hence we have explained the steps below so that you can support your client through the process.
Once you're satisfied that Nomo Property Finance is right for your clients:
Step 1
Ask the client to download the Nomo app and open a UK current account with us. The current account is required to pay the application fee and the bank's legal representation costs of £1000 upon acceptance of the offer. The monthly payments are collected from the current account after completion. There are no servicing fees or minimum balance requirements associated with the current account. Download the app from here.
Step 2
The client registers with Nomo via the app, is asked to scan their passport and will be prompted to provide any additional identification documents required. They will record a short video for us to carry out a liveness check, answers some simple questions about themselves and their finances and then submits the application. This step allows us to meet our regulatory duties around Due Diligence and Know Your Customer.
Step 3
Our current account opening team will start processing and will reach out to the client should they have any further questions. Once your client has been onboarded and their account is open, they will be notified via the app. Please check with your client that they have been notified accordingly.
Step 4
You’re now ready to submit the application through our Broker Portal.
Step 5
Once submitted, please inform your customer so that they can review and approve the application on their behalf via the app. They will receive a notification as well.
| Push notification heading | Push notification content |
|---|---|
| Review Application | Your broker has submitted a Nomo Property Finance application on your behalf. Open Nomo to review it in the app. |
Step 6
Once you have successfully submitted the case it will be allocated to one of our Property Finance Officers. They will be in touch to collect any documents via you. Our full list of packaging requirements can be found here.
Step 7
Once we have received the documents required, and the case is fully packaged and has passed completeness checks, our underwriters will review the case. Your client will receive a notification as well.
| Push notification heading | Push notification content |
|---|---|
| Documents reviewed | We've received and reviewed all the required documents for your Nomo Property Finance application. You can now continue the journey! |
Your Property Finance Officer will inform you of any additional requirements our Underwriting Team require.
Step 8
Following credit approval, a valuation is instructed by Nomo. On new-build properties, a re-inspection will be required once the construction has been completed.
Step 9
Subject to a satisfactory valuation, we will send your client an Offer Pack via DocuSign for e-signature. Your client is notified as well. A copy of the offer is sent to you as well.
| Push notification heading | Push notification content |
|---|---|
| Congratulations, you have received an offer | Please check your email for more details |
The Offer Pack includes the following documents:
| Document | Purpose | Requires client signature? |
|---|---|---|
| Offer Letter (for the finance amount) | This is the formal offer from Nomo to your client to provide Property Finance | Yes |
| Property Finance Terms | This sets out the terms on which we are providing Property Finance. Schedule 2 and 3 are documents that are used for the Murabaha Trade. | No |
| Agency Agreement | This authorises Nomo to execute the Murabaha Trade for your client. | Yes |
| Fees Withdrawal | Authority to debit Nomo current account with application fees. | Yes |
Step 10
Upon acceptance of the offer, the client is required to pay the application fee and Nomo’s legal representation costs. Your client will get a Nomo app notification for this as well.
| Push notification heading | Push notification content |
|---|---|
| Payment required | Please pay your Nomo Property Finance fees in the app so we can start arranging the funding for your property. |
| Payment Received | Your property finance fees were successfully paid. |
They will also be required to log in to the app and provide details of their solicitor.
Step 11
We will then instruct our solicitor. Please ask your client to instruct the solicitor who will act on their behalf as well. It’s important that you track the progress your client’s solicitor is making, as in our experience this is where delays occur in the process. The solicitor pack that we send out will contain a Power of Attorney that will be forwarded to your client's solicitor. The client is required to sign the Power of Attorney.
| Document | Purpose | Requires client signature? |
|---|---|---|
| Power of attorney | Authorise Nomo to sign the Murahaba Trade documents on behalf of the client, which is mentioned below. | Yes |
Step 12
Once we have received the Certificate of Title from our solicitor, your client is sent a Utilisation Notice to sign via DocuSign. In certain circumstances, we may send this before the Certificate of Title has been received if legal completion is imminent.
| Document | Purpose | Requires client signature? |
|---|---|---|
| Utilisation Notice | The Utilisation Notice is confirmation from your client that they want us to carry out the Murabaha Trade in order to release funds for the property purchase/refinance. | Yes |
Step 13
Once the Utilisation Notice has been signed, we send out a Power of Attorney notification by email to the client. The email is for information only and does not require acknowledgement.
Step 14
Up to two days prior to legal completion, we will carry out the Commodity Murabaha Trade.
a. Nomo will purchase metals from Broker A for the finance amount.
b. These metals are immediately sold to your client for the finance amount plus the total profit amount for the fixed term.
c. Nomo then sells the metals to Broker B for the finance amount.
d. The money from the sale of the metals is used to fund the property finance transaction.
Once the trade has been carried out, the following documents are set to the customer for information purposes only:
| Document | Purpose | Requires client signature? |
|---|---|---|
| Seller Offer (for the Murabaha Trade) | Our offer to sell the metals to your client for the finance amount plus the profit rate. | No, for information only |
| Agent Confirmation | The confirmation that Nomo has sole the metals on behalf of the client. | No, for information only |
Step 15
On the day of completion, funds are remitted to Nomo's solicitor, who will then forward it to your client's solicitor.
Step 16
We will send your client a welcome letter and they will be notified accordingly via the app of upcoming finance payments. Note that the actual amount of the payment may vary slightly depending on the number of calendar days in the month.
| Document | Purpose | Requires client signature? |
|---|---|---|
| Welcome Letter | Informs the client that their finance is now live and reminds them of the key terms. | Yes |
| Push notification heading | Push notification content |
|---|---|
| Your finance has been funded! | Please login to view details |