Free legal assistance is still a popular option among the majority of borrowers remortgaging with Accord Mortgages.
Figures from the lender show an average 80% of remortgage customers have opted for a free legal option instead of cashback throughout 2017 so far.
Accord offers the choice of free legal assistance or cashback up to £500 across the majority of its range, exclusive to both residential and buy-to-let remortgage customers.
Speaking on the findings, national intermediary sales manager at Accord, David Robinson, commented that the firm has seen a good turnaround despite reports of free legal service issues across the market.
“That’s perhaps why this additional mortgage feature remains the incentive of choice amongst our customers,” he said.
Robinson continued: “We appreciate the frustrations brokers have recently experienced, so we want to offer a choice of mortgage extras to suit different borrowers’ needs, plus brokers can have the assurance of working with a solicitor they trust.”
“For instance, eConveyancer is offering an innovative solution for borrowers who are looking to keep the upfront costs of their remortgage low by using cashback to cover the cost of a property conveyance, meaning the customer will not have to pay any extra.”
Business development manager at eConveyancer, David Burt, stated that providing a good customer service is becoming increasingly important to both brokers and lenders, and the recent issues with free legal services had a ‘knock on effect’.
“Some brokers prefer the ease of cashback, which is why we’re offering a price match on a conveyancing service for borrowers taking that option,” Burt explained.
“Our online platform allows brokers to easily find a reputable solicitor and gives regular progress updates meaning they can keep their client informed every step of the way.”
He added: “The best part is there’s no additional cost to the borrower, plus the broker will also receive a referral fee, so it’s a win-win situation for everyone.”