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Five benefits of a product transfer – for you and your clients

by: Ian Wilson, head of Halifax Intermediaries
  • 16/11/2018
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The widespread adoption of procuration fees and the development of intermediary-focused online systems have made the product transfer sector more appealing.

 

 

At Halifax Intermediaries, we’ve been recognising your work on product transfers for over 10 years and it’s great that other lenders are now paying procuration fees too.

This type of business accounts for a significant proportion of the mortgage market, with £38.7bn of lending refinanced internally in the third quarter of this year alone.

This is a potentially huge market and one where mortgage intermediaries have an opportunity to increase their market share.

If the case fits, a product transfer can be very appealing for your client and for you. Here’s why:

1. Mortgages that hold their own

We believe in intermediaries and know that you’ll advise your client on the best product for their needs from across the market, whether that’s with their existing lender or a new one.

A product transfer needs to stand up to scrutiny of course, and with a wide selection of mortgage products, a level playing field on procuration fees and a commitment to intermediaries, we hope you can often find a deal in our range that you and your client feel is the right option for them.

2. Streamlined process for both of you

You want a product transfer to be quick, easy and straightforward, and technology is enabling lenders to make that a reality.

We invested in an online system in 2017 for product transfers that sits within Halifax Intermediaries Online, which allows you to process product transfers efficiently.

It’s straightforward to get to grips with and repopulates your client’s data to save you time retyping, and you benefit from the certainty of an immediate illustration and offer.

At its best technology shouldn’t be a threat to intermediaries. It should ease your workload, giving you more time to focus on client advice.

3. No need for affordability checks

If your client doesn’t want to change their borrowing amount or term, and if they are on a repayment mortgage, any product transfer should go through smoothly. With Halifax Intermediaries, our online fact-find helps you to get the right information first time, and qualifying mortgages can move to an offer seamlessly.

If they want to change their mortgage term or amount, or their own circumstances have changed, we’ll do some additional checks but we’ve streamlined the process. If an existing client is on SVR and has kept up with repayments, we’ll be able to offer them a new deal.

4. ERCs waived before end date

If your client wants to switch now but they are still within their fixed rate period, check if their lender will waive the ERCs. We’ll do it within three months of the end date so they can take advantage of a great deal earlier, with no extra costs to pay.

5. Parity on procuration fees

You have to do the same fact-find, searches, compliance and advice on product transfers, so it’s only right that you are fairly rewarded. Whether it’s new business or a product transfer we’ll pay you an equal, fair and transparent procuration fee.

 

Find out more
Our new product transfer process is easier for you and your client. Read our Broker User Guide to find out how and visit our website for more information.

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