Saffron for Intermediaries has launched a new broker-initiated product transfer (PT) service today (31 October).
Saffron for Intermediaries’ service will allow brokers to help customers switch to a new mortgage product when their current term ends, and the service is available for customers with mortgage deals that expire from January 2025.
It was designed in response to feedback from brokers and offers brokers a 0.35% procuration fee on all eligible PTs.
The PT process can be initiated by brokers through the online PT portal, using the authentication code that is sent to customers three months before the expiration of their current deal. The procuration fee will then be paid two weeks from completion.
The PT process means brokers will be able to support customers in securing new terms as they approach the end of their mortgage deal, and customers can also rest assured that there will be no application fees, legals, valuations or affordability checks.
Tony Hall, head of business development at Saffron for Intermediaries, said: “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. We listened closely to their feedback and created a simplified PT process that allows brokers to offer customers access to competitive rates across our Retention Product Range.
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“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.”
The full details of the PT service are available on Saffron for Intermediaries’ website.
At the beginning of the month, the company lowered rates for self-employed and contractor borrowers.
