The building society will now pay a 0.20% procuration fee on product transfers for mortgages maturing on or after 31 March 2020.
The Society is currently issuing maturity information packs to all members whose mortgages expire on or after 31 March 2020. The packs contain a unique reference number that brokers, subject to the customer’s authority, can use to submit a product transfer request online.
On a like-for-like transfer, there will be no further client credit checks to undertake, and no added legal or valuation costs. Payments for the transfer will be paid within 10 working days of the product transfer taking place.
Darren Ditchburn, the Society’s Chief Customer Officer, said:
“Borrowers’ circumstances - as well as market conditions - change over time and therefore it’s important that borrowers have access to a full range of mortgage advice options at all times of the mortgage lifecycle.”
“We understand the crucial role brokers play in reviewing and advising borrowers on their options at the product maturity stage and are therefore pleased to be able to pay procuration fees where this service has been provided to our members.”
