Lenders expand services, cut fees to support brokers amid remortgage surge
Hinckley & Rugby for Intermediaries and The Cumberland for Intermediaries have announced enhancements to their respective remortgage offerings.
Hinckley & Rugby for Intermediaries has expanded its partnership with PEXA and Optima Legal, making its fee-assisted remortgage service available across the whole market.
The service, powered by PEXA’s digital technology and delivered by Optima Legal, allows brokers to offer clients a streamlined remortgage process with an online case tracking portal for greater transparency. The lender initially adopted the service at the end of last year and is now broadening broker access.
“At Hinckley & Rugby, we understand the challenges brokers face when navigating the remortgage market, especially during peak periods,” said Laura Sneddon (pictured left), head of mortgage sales and distribution at Hinckley & Rugby for Intermediaries. “By expanding our remortgage proposition, in partnership with PEXA and Optima Legal, to the whole of market, we are offering a streamlined process ensuring their clients receive a faster, more transparent, and more reliable service.”
Meanwhile, The Cumberland for Intermediaries has reduced the remortgage fee on its core holiday let range from £999 to £299. The change applies to sole traders and partnerships with up to three mortgaged holiday let properties and is aimed at lowering upfront costs for borrowers.
In addition to the reduced fee, The Cumberland continues to offer specialist holiday let products for portfolio landlords with up to 20 properties, including limited company structures. The lender provides financing up to 75% loan-to-value (LTV) for limited company applications, subject to a full business case assessment.
“Brokers are at the heart of holiday let finance, guiding their clients through the remortgage process and finding the right solutions for their needs,” said Lisa Hodgson (pictured right), senior sales manager for intermediary lending at The Cumberland. “We know that cost is a key factor, and cutting our remortgage fee on the core range to £299 is a direct response to what we’re seeing in the market.”
The moves from both lenders come as the UK mortgage market anticipates a rise in remortgage activity, with UK Finance estimating that 1.8 million fixed rate mortgages will be up for renewal in 2025.
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