Saffron for Intermediaries introduces a broker-initiated product transfer service, enhancing customer flexibility.
- The service rewards brokers with a 0.35% procuration fee, strengthening intermediary partnerships.
- Customers with expiring mortgage deals from January 2025 can benefit from this service.
- Brokers receive an authentication code for seamless product transfer initiation online.
- Saffron’s initiative aligns with broker feedback and addresses the current high-rate environment.
Saffron for Intermediaries has launched a service that allows brokers to initiate product transfers, offering customers the ability to switch mortgage products as their current terms conclude. This development, set to begin in January 2025, acknowledges the critical role brokers play by offering a 0.35% procuration fee for eligible product transfers. Such an initiative not only reinforces broker ties but also provides added flexibility for customers during a period marked by elevated interest rates.
The offering is specifically structured to respond to feedback from brokers. By utilising an online portal, which requires an authentication code sent to customers three months prior to their deal expiration, the process ensures simplicity and ease for all parties involved. This streamlined approach aids brokers in guiding their clients toward competitive rates available within Saffron’s Retention Product Range.
According to Tony Hall, head of business development at Saffron for Intermediaries, the company’s decision to incorporate this feature stems from the frequent requests received from brokers. Hall stated, “Product transfers have been one of the most requested features from our brokers. We’re implementing it with a competitive 0.35% procuration fee, recognising the significant role brokers play in helping us retain our customers.”
As clients navigate their options in a rising rate climate, this new service stands to offer them a range of choices. Saffron’s commitment to adapting their services to support broker activities and enhance customer experience is paramount. By simplifying the transfer process and maintaining competitive market standards, Saffron provides a pragmatic solution to current mortgage challenges.
Saffron for Intermediaries’ new service exemplifies its commitment to supporting brokers and adapting to market needs.
