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Accord sees online product transfers grow sharply

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  • 22/05/2019
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Accord sees online product transfers grow sharply
Accord Mortgages has seen a sharp increase in the number of product transfers completed online by advisers in the last year.

 

The lender said it saw a 53 per cent increase in the number of product transfers completed online between April 2018 and March 2019.

It noted this was since in step with the launch of its revamped process in March 2018 and as the product transfer market has boomed over the last two years.

According to data from UK Finance product transfers accounted for approximately £159bn worth of transactions in 2018.

The Accord system for mortgage switches has no requirement for affordability assessments, valuations or credit checks which speeds up the process, it said.

 

Majority completed online

Jeremy Duncombe, director of intermediary distribution at Accord Mortgages (pictured) said: “We recognise how hard brokers work to retain clients, which is why in addition to paying a 0.30 per cent retention procuration fee, we’ve invested in our systems to ensure they are as simple as possible.

“It’s reassuring to see that the online process is now being used by the majority of intermediaries to complete product transfers.”

He added: “Ensuring a client gets good advice at time of maturity is vital, which is why all our communications consistently direct customers back to their broker.

“Once it’s agreed that a product transfer is the best option, being able to easily navigate the application, complete in just a few minutes and reduce paperwork makes life easier for both brokers and their clients.”

Watch the latest in our video series debates on product transfers, in association with Accord Mortgages, with Sesame’s director of mortgages, Jane Benjamin, Greg Cunnington from Alexander Hall and Accord’s director of intermediary distribution Jeremy Duncombe.

 

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