Lender offers a 0.35% procuration fee on eligible product transfers
Saffron for Intermediaries has introduced a new product transfer service for brokers, enabling them to assist clients with switching to a new mortgage product as their current deal expires.
The newly launched service is available for customers with mortgages set to mature from January 2025.
The lender is offering a 0.35% procuration fee on eligible product transfers, acknowledging the effort brokers put into finding suitable solutions for their clients. Developed in response to broker feedback, this new feature aims to strengthen relationships with intermediary partners by recognising their role in customer retention.
Brokers can access the product transfer process through an online portal, using an authentication code that is sent to customers three months before the end of their current mortgage term. Saffron has committed to paying the procuration fee within two weeks of completion.
This launch comes at a time when over 1.5 million UK homeowners are approaching the end of fixed rate deals in 2024, many of whom are facing uncertainty due to higher interest rates. Saffron’s product transfer service aims to streamline the process for brokers and their clients, removing application fees, legal costs, valuation fees, and affordability checks to ease the transition.
“Product transfers have been one of the most requested features from our brokers, so we’re making it happen with a competitive 0.35% procuration fee, recognising the significant role brokers play in helping us retain our customers,” said Tony Hall (pictured), head of business development at Saffron for Intermediaries. “We listened closely to their feedback and created a simplified product transfer process that allows brokers to offer customers access to competitive rates across our Retention Product range.
“With many customers now facing a higher rate environment as their deals come to an end, this launch not only strengthens our broker partnerships but also empowers customers with more flexibility and choice in managing their mortgage options. It’s all part of our commitment to evolving our services to better support brokers and deliver a first-rate experience for our customers.”
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