On completion of each product transfer deal, brokers will be paid a gross procuration fee of 0.2%.
The facility, already confirmed as imminent at last week’s Mortgage and Protection Event, will be available for both residential and buy-to-let business for customers inside the roll-off period, those on a standard variable rate (SVR) and those with ‘track and switch’ functionality. The balance available to switch must also meet the new product minimum of £25,000.
Graham Felstead, head of intermediary mortgages at NatWest Intermediary Solutions, said: “I am delighted that we are able to launch our new product transfer facility. Retention has certainly been one of the hot topics over the last couple of years and one that we have had valuable dialogue on with our key intermediary partners.”
To use the new facility brokers need to log on to the NatWest Intermediary Solutions’ web site and select the ‘Product switch’ option. The service includes a free House Price Index (HPI) value to ensure the most appropriate loan-to-value (LTV) deal is offered to customers.
The facility is not available to customers who want to exit an existing deal ahead of the roll-off period, those customers wishing to simultaneously take additional borrowing or instigate a contract variation, or those whose mortgage is in arrears.