"The proposition, along with the level of fee at 0.30bps has been reached following engagement with intermediaries, and we expect more lenders to follow at this level."
Available from 31st May, intermediaries will receive a fee for all customer renewals where mortgage advice is provided; a retention request is submitted and the customer transferring to a new mortgage product upon maturity of their existing deal.
A new product switch process has also been developed, in conjunction with Platform’s key intermediary partners, for both themselves and their clients to follow.
Paul Norcott, Head of Platform mortgages, said: “We are delighted to be able to offer our intermediary partners the ability to help clients switch mortgage products through Platform mortgages as part of our retention strategy. Giving intermediaries and their clients the opportunity to access specific product switch options with new business interest rates across our mainstream and buy-to-let mortgage product offering is an important milestone and increases our competitiveness in the market.”
Jeremy Duncombe, Director, Legal & General Mortgage Club, added: “It’s great to see Platform join the list of lenders now recognising the role that intermediaries play in the retention process for customers.
“The proposition, along with the level of fee at 0.30bps has been reached following engagement with intermediaries, and we expect more lenders to follow at this level.”
