Mortgages

Coventry launches 0.30% proc fee on residential product transfers

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27th October 2017
"We committed to introducing proc fees for all product transfers during 2017 and I’m delighted that we’re delivering on that."

Coventry for intermediaries will pay a proc fee of 0.30% for residential product transfers on all applications received from 24 November 2017.

This follows the introduction of proc fees for buy-to-let product transfers in April this year.

The lender pays a proc fee of 0.30% for buy-to-let product transfers and pledged to pay the same fee for residential product transfers before the end of the year.

Kevin Purvey, Director of Intermediaries, said: “We committed to introducing proc fees for all product transfers during 2017 and I’m delighted that we’re delivering on that. Product transfers are becoming an ever increasing part of the market and we recognise the work that intermediaries have to undertake in order to give advice.

“And our open transfer policy means that brokers’ clients who already have a mortgage with us can apply to transfer to any mortgage from our current range on the same terms as new clients."

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