Brokers using the service will receive a full procuration fee upon completion, and can use the facility three months prior to the end of the current rate period.
The facility will provide brokers with products for their clients and allow them to input their client’s details, view the mortgages they are eligible for, and confirm the chosen rate online.
The industry has seen an increasing demand for online product transfers from customers and brokers. The launch of the online service – which pays a full procuration fee to the broker upon completion of the transfer – sees Scottish Widows join a very small number of lenders who already offer this to brokers.
Gordon Bowden, Director at Scottish Widows Bank, said:
"Scottish Widows Bank is committed to offering borrowers award-winning mortgage products and outstanding service.
"The launch of online product transfers which command a procuration fee is something brokers have asked for and further cements our reputation as an innovative, flexible and efficient lender.”
