David Hunter, (centre of photo) senior corporate account manager at NatWest for Intermediaries was cornered by Duncombe and members of the audience who called NatWest as soon as product transfer fees were mentioned.
Hunter confirmed the lender originally announced its intention to launch product transfer fees in March this year.
“We said they’d be launched in Q4 – it’s still Q4, so we are on time to announce that. This is good planning. We’re on track.”
Towards the end of the session Duncombe explained why it was important for lenders to offer product transfer fees. “The reason we want lenders to come in [launch product transfer fees] is that customers are rolling on to products when the deal term ends. That’s why it’s so important brokers are involved.”
Referring to the slipping deadline for the Competition Commission review of the mortgage market, Duncombe asked: “It’s not an FCA (Financial Conduct Authority) deadline is it?” Hunter confirmed it wasn’t.