Chetwood to pay full procuration fee for product transfers
The Bank says the change reflects the detailed work that is often required when completing a product transfer.
Chetwood Bank has announced that brokers will receive a full procuration fee when it launches product transfers across its ModaMortgages and CHL Mortgages for Intermediaries brands.
The digital challenger bank has disclosed brokers will be paid the same procuration fee for repeat business as they would when placing a new case.
Darrell Walker, Chetwood Bank’s group sales director, said: “As an intermediary-only lender, we’re 100% dedicated to the broker market and are committed at putting them at the heart of everything we do.
“We recognise the amount of effort that goes into completing a product transfer which is why we’re prepared to pay them a full procuration fee for the work they do, regardless of whether it’s a new case or repeat business.
“This is a really exciting move, and brokers should register with both lenders to ensure they stay up-to-date with the product transfer launch.”
