Saffron for Intermediaries has introduced a broker-initiated product transfer service to aid brokers and clients as mortgage terms conclude.
- This innovative service targets customers whose mortgage deals expire from January 2025, enhancing options for post-term loan management.
- A 0.35% procuration fee for brokers is introduced to recognise and reward their crucial role.
- The process is streamlined through an online portal accessible via an authentication code.
- Designed based on broker feedback, the service aims to reinforce connections and improve client retention.
Saffron for Intermediaries has unveiled a new initiative allowing brokers to initiate product transfers, a service that stands to benefit those with mortgage terms concluding post-January 2025. This move is an attempt to cater to the evolving needs of both brokers and clients, providing a strategic advantage in managing existing mortgage agreements.
The newly launched service promises to reward brokers with a 0.35% procuration fee on eligible product transfers, which is a pivotal step in acknowledging the indispensable role brokers play in maintaining client relationships. The fee structure is integral to the service’s design, encouraging brokers to engage more actively with clients nearing the end of their mortgage terms.
In a bid to simplify the process, brokers can initiate transfers through an online portal, ensuring ease of access and operation. Access to the system is facilitated through authentication codes distributed to clients three months before their mortgage deal’s expiration, permitting timely intervention and planning.
Feedback from brokers has been instrumental in shaping this service, with efforts focused on enhancing user experience and strengthening the bond between Saffron and its intermediary partners. This user-informed approach is a testament to Saffron’s commitment to aligning its services with industry demands and providing brokers with competitive offerings.
Tony Hall, head of business development at Saffron for Intermediaries, emphasised the importance of listening to broker needs, recognising their significant contribution to business success. He highlighted how the service offers customers more flexibility amidst a landscape of rising rates, underscoring the benefits of improved choice and control in managing mortgage options.
The broker-initiated product transfer service by Saffron aims to enhance broker-client relationships and offer customers improved mortgage management options.
