In addition to the proc fees already paid to intermediaries, which will remain un-affected by this move, c2 will be paying a further 0.75% back to the consumer in the form of cash back, plus free valuations.
David Wylie, managing director at c2 commented “As we have previously stated, costs are firmly under control at c2 and we are operating more efficiently than ever. This achievement has allowed us to look at the value we can add for intermediaries and their customers. With such generous cash-backs and free valuations we believe that the intermediary market will vote with their feet”
He added “we have seen some limited attempts by other packagers to add value, such as reduced valuation fees or legal fees but nothing on this scale. We believe that now is the time to show our intent and to push hard for a greater share of the market”
Justin Caffrey, Sales and Operations Director added “ In my opinion there are still too many companies out there who have failed to adapt to this new market and they need large margins to survive. When intermediaries start to compare the products they currently use elsewhere with our new range, it will be very difficult for them to justify continuing to give business to their existing packagers. We firmly believe that this is the most generous offering available through packagers, to the intermediary and the consumer today”
The products have initially been launched only through the County Home Loans (GMAC Range) and City Home Loans (SPML Range) brands to avoid possible service issues, but the company fully expects to roll out the concept across the entire non conforming range in the next 3 months.
