NatWest is to roll out procuration fee payments for product transfers up to 100 per cent loan-to-value (LTV).
Brokers will be paid a gross procuration fee of 0.2 per cent on completion of each product transfer deal, beginning this Thursday (14 December).
The facility will be available for both residential and buy-to-let business for customers who are within their roll-off period, those on a standard variable rate and those with ‘track and switch’ functionality.
The balance available to switch must also meet the new product minimum of £25,000.
A free House Price Index value will also be provided to ensure that most appropriate LTV deal is offered to customers.
The service is not available to customers who want to exit an existing deal ahead of the roll-off period; customers wishing simultaneously to take additional borrowing, change the mortgage terms or repayment type; or those whose mortgage is in arrears.
Graham Felstead, head of intermediary mortgages, NatWest Intermediary Solutions, said: “We have had a great deal of positive feedback on this launch since we announced it last month.
“We’ve made every effort to make sure that the online process is easy-to-use and brokers will have the support of our team of business development managers and LiveTALK if they need help.”