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Scottish Widows to pay brokers proc fee for online transfers

  • 30/04/2015
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Scottish Widows to pay brokers proc fee for online transfers
Scottish Widows Bank has announced that brokers using its new online mortgage product transfer facility will receive a proc fee.

The transfer facility, which gives brokers access to competitive rates for their clients, allows them to use the service three months prior to the end of the current rate period without incurring any early repayment charges.

Brokers will be able to input their client’s details into the facility, view the mortgages they are eligible for and confirm the chosen rate online.

A handful of lenders have launched online mortgage transfer services in the last 12 months, allowing brokers to offer customers the option to switch mortgage within the same lender, while being paid a full procuration fee on completion of any transfer.

Gordon Bowden, director at Scottish Widows Bank, said: “The launch of online product transfers which command a procuration fee is something brokers have asked for and further cements our reputation as an innovative, flexible and efficient lender.”

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