We’ve now introduced payments for brokers who submit successful applications for existing customers reaching the end of their fixed rate or discount period with us.
Christie Cook, Head of Product, said:
“We know brokers work hard to have strong and lasting relationships with their clients, so paying them a fee if the customer remains with The Nottingham as a result of their help and advice is a really positive step forward.”
On completion, a broker fee will be payable of:
- 0.25% on residential and buy-to-let mortgages
- 0.35% on limited company BTL and retirement interest-only products
How does it work?
From August onwards, maturity letters sent to customers coming to the end of their fixed rate or discount products will include details on how you can process a product transfer on their behalf. We first write to customers three months before their product matures, so the letters landing in August will be for maturities in November.
The letter will include a unique identifier code and a broker cut-off date – the last date you can request a transfer for your client.
To submit a product transfer, log in to your account and verify your details – you’ll need:
- The unique identifier code provided in the letter
- The property postcode
- The mortgage account number
From this point on, the process is fully digitised giving you online access to your client’s current mortgage information and the new products they’re eligible for – all the information you need to discuss their product transfer options with them.
Then, once they’ve decided which deal is best for them, you can complete the product transfer at the click of a button.
And any fees can either be paid directly or a secure link can be sent to your client to pay at a later date.
Why it makes sense for your client to stay with The Nottingham
As an existing borrower, your client could save time and money by transferring to a new mortgage with The Nottingham.
- Exclusive mortgage offers for existing customers – we offer our existing borrowers our lowest mortgage rates as a thank-you for their loyalty
- It’s quick and easy – because your client already has a mortgage with us, we don’t need to value the property (unless you believe it has significantly changed in value), you won’t need a solicitor, there are no credit checks and no direct debits to set up.
How will I know if I can make a product transfer for my client?
How will my client know I can make a product transfer for them?
Does my client need to do anything?
When will the product transfer take effect?
When will the procuration fee be paid?
What happens if I miss the broker cut-off date?
I’m having problems progressing the transfer, who should I contact?
What are the fees if I request a new valuation?