Brokers can now initiate a mortgage transfer with Scottish Widows Bank without incurring any early repayment charge, three months prior to the end of the current rate period.
Brokers using Scottish Widows Bank’s new service will receive a full procuration fee upon completion and can use the facility three months prior to the end of the current rate period, according to an announcement by the firm.
Gordon Bowden, director at Scottish Widows Bank, said the facility will provide brokers with competitive products for their clients and allow them to input their client’s details, view the mortgages they are eligible for, and confirm the chosen rate online.
Mr Bowden said the industry has seen an increasing demand for online product transfers from customers and brokers.
He 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.”
emma.hughes@ft.com
