"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."
- Tom Denman-Molloy, intermediary sales manager
Mansfield Building Society has introduced procuration fees for product transfers across its entire product range, including Versatility, Credit Repair, shared ownership and buy-to-let.
Through the product transfer process, existing Mansfield borrowers can choose exclusive products from four months prior to their current deal expiring.
There are no fees involved with switching products and the Society will pay 0.2% as a procuration fee to cases placed by intermediaries with an enhanced procuration fee to key club and network partners.
The Society’s products for existing borrowers will be available for review on its intermediary site and through selected broker sourcing systems.
Intermediary sales manager, Tom Denman-Molloy, commented: “We are an intermediary-focused lender and I believe that product transfers play an important role in the mortgage market.
"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.”
