“The issue I have is that this is a full advice process, said Cunnington, adding: “With a remortgage you can do a full advice piece. So a lot of clients are doing home improvements like never before, there’s a low interest rate environment so clients may want to lower the term, or their circumstances may change so they may want to go interest-only.
“But in the product transfer space, there’s not the same flexibility with a lot of lenders to adjust criteria and the terms are the same. In that sense it’s two-tier.”
“It’s good to have the proc fee but actually for me, the advice is key and that is the next step it would be great to get to.
For the debate in full, in association with Accord Mortgages, click on the screen below.
Victoria Hartley group editor Mortgage Solutions (presenter)
Jeremy Duncombe, director of intermediary distribution, Accord Mortgages
Jane Benjamin, director, mortgages, Sesame Bankhall Group
Greg Cunnington, director of lender relationships and new homes, Alexander Hall