The Darlington has set the fee at 0.2 per cent on product transfers for mortgages maturing on or after 31 March. The lender has committed to paying the fees within 10 working days of the product transfer.
Like-for-like transfers will require no credit checks and there will be no legal or valuation fees.
The Darlington has started sending information packs to all of its members whose mortgages mature after the end of March. The packs contain a unique reference number for brokers to use when submitting a product transfer request online — subject to the customer’s agreement.
The new fee arrangement would “ensure all society members have access to whole-of-market advice throughout the lifetime of their mortgage,” The Darlington said.
“We understand the crucial role brokers play in reviewing and advising borrowers on their options at the product maturity stage. We are therefore pleased to pay procuration fees where this service has been provided to our members,” said The Darlington’s chief customer officer Darren Ditchburn (pictured, middle, with Ben Blyth, head of intermediary distribution, left, and Chris Blewitt, business development manager, right).
