Saffron for Intermediaries unveils a broker-initiated product transfer service to assist clients with mortgage transitions.
- The service begins in January 2025 for customers with expiring mortgage deals, providing a seamless switch option.
- Brokers are incentivised with a 0.35% fee for facilitating eligible product transfers efficiently.
- The move comes as a direct response to broker feedback, aiming to solidify broker relations and client retention.
- Clients face challenging market conditions, and this service offers them flexibility and competitive options.
Saffron for Intermediaries has announced a broker-initiated product transfer service, allowing brokers to assist customers whose mortgage terms are nearing expiration. Starting January 2025, clients with expiring deals can effortlessly switch to new mortgage products. This development is geared towards simplifying transitions and offering clients more flexible mortgage management options.
Brokers are rewarded with a 0.35% procuration fee for each eligible product transfer. This fee structure is designed to acknowledge the crucial role brokers play in retaining clients and facilitating smoother mortgage transitions. The procurement process is streamlined, ensuring that fees are disbursed within two weeks post-completion, thus enhancing broker engagement.
Crucially, this service is in response to feedback from brokers who have long requested such features. Saffron for Intermediaries aims to strengthen relationships with brokerage partners by listening to their needs and providing a simplified product transfer mechanism via an online portal. Brokers receive an authentication code for customers three months before their mortgage deal expires, allowing them to initiate the process efficiently.
Tony Hall, head of business development at Saffron for Intermediaries, highlighted the value of this initiative. He stated, “Product transfers have been one of the most requested features from our brokers, so we’re making it happen with a competitive 0.35% procuration fee, recognising the significant role brokers play in helping us retain our customers.” This statement underscores the commitment to both brokers and clients amid a fluctuating mortgage market.
As rising interest rates pose challenges for many homeowners, this new service by Saffron for Intermediaries empowers customers to navigate these difficulties by providing them with greater choice and competitive rates. It reflects a commitment to adapting services to meet evolving needs, aiming to offer a superior experience for mortgage holders.
By focusing on broker needs and client flexibility, Saffron for Intermediaries aims to enhance mortgage transitions.
