The Coventry for intermediaries has announced today it will pay mortgage brokers a procuration fee of 0.30% for all Buy to Let product transfers effective from 1 April 2017.
Plans to extend the scheme to the residential products, also at 0.30%, are underway and will be announced in due course.
Kevin Purvey, Director of Intermediaries said: ‘Intermediaries are integral to our success and we know they’ve been eagerly anticipating this announcement. We’ve been able to bring BTL product transfer proc fees to market more quickly and are committed to extending this to residential products later this year.’
‘In line with our pledges, our ‘open transfer policy’ still stands, so you’ll be able to offer existing customers full access to our new business BTL product range. We have also implemented changes to our customer authority process on product transfers to make it quicker and easier to use – another change designed to benefit the broker.’
We’ll follow this up later in the year by offering 0.30% proc fees on residential product transfers too. We’re going to work closely with our key accounts to ensure these new initiatives are implemented successfully. Intermediaries are a vital part of our business and we’re dedicated to ensuring we work together effectively.’