The bank said this reflected the work required when completing and advising on a product transfer, and it would give brokers the same proc fee for repeat business as placing a new case.
Darrell Walker, group sales director at Chetwood Bank, said: “As an intermediary-only lender, we’re 100% dedicated to the broker market and are committed [to] putting them at the heart of everything we do.
“We recognise the amount of effort that goes into completing a product transfer, which is why we’re prepared to pay them a full procuration fee for the work they do, regardless of whether it’s a new case or repeat business.
“This is a really exciting move, and brokers should register with both lenders to ensure they stay up to date with the product transfer launch.”
Last month, Alan Cleary was made managing director of Chetwood Bank’s mortgage division on an interim basis.
