In addition to the procuration fee, other benefits for the intermediary and customer include the waiving of early repayment charges during the month of maturity and no up-front fees on the next deal chosen.
Business Development Manager Jonathan Mann, who championed the initiative, said:
“This move cements our commitment to our intermediary partners and our approach to customers. We appreciate the work intermediaries put in and the time and effort that goes into helping their customers.
“They are qualified advisers who support their customers to find the best option. If it happens that the most suitable option is to stay with us then the intermediary will receive a 0.2% procuration fee.”
Jeremy Duncombe, Director, Legal & General Mortgage Club, added:
“The momentum is now moving towards more lenders recognising the important part that intermediaries play in the retention of customers.
“Advisers must go through a fully advised process to ensure customers are getting the most appropriate product, and it’s great to see The Cambridge acknowledging that with this initiative.”
