Mortgage News
Newcastle Intermediaries launches product transfer proc fees
Brokers placing product transfers through Newcastle Intermediaries will now be paid 0.20% procuration fee.
The lender has launched a full switching service after a trial with L&G Mortgage Club.
The process is now available to all registered intermediary partners.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries (pictured), said: “We have been gaining feedback from brokers on what they want from product transfers and we’ve developed a product transfer process for all of our broker partners.
“I’m pleased to announce that our product transfer process is now available and products will be available on sourcing systems.”
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Earlier this month Newcastle cut rates across five-year products between 85% and 95% loan to value (LTV) by up to 0.7%.
It means the lender offers a 90% LTV five-year fix with £498 fees is now at 2.75%, as well as a fee-free version at 2.95%.