Brokers with Help to Buy clients looking to remortgage can earn £100 for every client they recommend through an online conveyancing service.
Legal & General Mortgage Club has teamed up with My Home Move to provide the Introducer-eWay portal, which enables brokers to monitor the progress of their client’s case 24/7, supported by a team of dedicated account managers.
The cost to the client – inclusive of lawyer costs, one telegraphic transfer fee, Land Registry fee, the ID fee for all clients involved, £100 broker referral fee and VAT – is £629.
Craig Hall, new build manager at Legal & General Mortgage Club, said: “We are delighted to be partnering with My Home Move on this new service developed with customers, brokers and lenders in mind.
“It is great that My Home Move has been able to provide a simple solution for the growing number of Help-to-Buy homeowners looking to remortgage.
“Legal & General Mortgage Club is committed to putting customer choice at the heart of everything we do and this partnership demonstrates that promise.”
Nick Green, broker at Coventry-based Alternative Estates, said: “Most lenders who do Help to Buy will do internal product transfers – generally, there is not much of a market for [Help to Buy remortgages].
“It is probably designed to encourage people to buy their equity back from the builder at the end of the contract.
“In terms of cost, it is not bad at all. That sort of money is cheap – there is a lot of work for that £600.”