Saffron for Intermediaries has launched a broker-initiated product transfer (PT) service, allowing brokers to help customers switch to a new mortgage product when their current term comes to an end.
This service, available for customers with mortgage deals expiring from January 2025, also offers brokers a 0.35% procuration fee on all eligible PTs.
Designed in response to broker feedback, this launch aims to reward broker commitment and aims to foster stronger relationships with intermediary partners.
Brokers can initiate the product transfer process via the online PT portal, using the authentication code sent to customers three months before their current deal expires.
The procuration fee will be paid within two weeks from completion.
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.
“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.”
