It also offers an enhanced procuration fee to key club and network partners
Mansfield Building Society has announced the introduction of procuration fees for product transfers across its full product range, including options such as Versatility, Versatility Plus, Credit Repair, Shared Ownership, and Buy-to-Let.
The product transfer process allows existing Mansfield borrowers to access exclusive products starting four months before their current deals expire, with no additional fees for switching.
Brokers can now advise clients on a variety of fixed and discounted variable rates available, enhancing their service offering. The building society will compensate intermediaries with a 0.2% procuration fee on cases they handle, with an increased fee for key club and network partners.
The products will be listed on the lender’s intermediary website and through selected broker sourcing systems.
“We are an intermediary-focused lender and I believe that product transfers play an important role in the mortgage market,” said Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society. “Allowing intermediaries to be involved in the product transfer process is a recognition of the value that intermediaries provide to mortgage borrowers throughout the mortgage life cycle.
“We know that Mansfield is becoming increasingly attractive for brokers and their clients, with our Versatility and Credit Repair range having been enormously popular. Brokers are well-placed to offer quality advice throughout the mortgage journey and their input should be recognised and rewarded.”
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