Kent Reliance has launched a new mortgage retention product that pays a broker procuration fee.
The lender, part of specialist lending group OneSavings Bank, said its ‘Choices’ product transfer scheme paying a procuration fee for brokers is the first from a specialist mortgage lender.
The scheme covers all products in Kent Reliance’s product range. The simple transfer process will not usually require a revaluation of the property or the need for a solicitor, so there are no more additional borrower costs, except applicable product fees.
It is designed to be simple, quick and efficient.
In recognition of the importance of good consumer outcomes, customers will be advised to speak to their broker before selecting a new product.
Adrian Moloney, sales director at OneSavings Bank, said: “We are focused on the intermediary channel, so it was important to us to confirm our commitment to brokers by offering a scheme that rewards the value and expertise that they bring to client relationships.
“We recognise that good advice is appropriate throughout the life of the loan, so encouraging borrowers to speak to their broker at product maturity was the right thing to do, even if that opens up the possibility of them going to another lender.”
Moloney added: “The process has been designed to be as smooth as possible, and we already have our sights set on further improvements in the coming months."
Broker Andrew Montlake at Coreco welcomed the move to support brokers with a retention solution.
“The fact that they will pay a procuration fee as well marks them out as a model lender who are happy to recognise the hard work brokers do when considering a retention product.”
Jeremy Duncombe, director, Legal & General Mortgage Club, added: “We hope this becomes the norm in the market before long, but brokers need to play their part by proactively contacting customers to ensure they are benefiting from the best rates possible.”