Product transfers

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10 years of Product Transfer Procuration Fees

Here at Halifax Intermediaries we’re always looking to do the right thing for your clients and for mortgage intermediaries as part of the support we provide to the UK housing market.

We understand the range of client needs that mortgage professionals serve, which is why we provide a wide range of products covering the variety of circumstances that your clients seek advice on. This includes valuing the clients you assist in staying with us through a product transfer as highly as the new clients that you bring to us.

Halifax Intermediaries have been taking the lead in the market and demonstrating this commitment since July 2006 by paying mortgage professionals procuration fees for product transfers as we do for new business applications.

This means we’ve been paying procuration fees on product transfers for 10 years and we firmly believe that this does the right thing by you in rewarding you for all types of mortgage business within Halifax intermediaries, and also does the right thing by your clients in ensuring there isn’t any conflict of interest when you present the options to them of a remortgage or taking a product transfer.

We’ve maintained our leading position in the market and currently pay exactly the same fee for on a product transfer (and further advance or combined PT/FAD) as we do on a new mortgage application.

We have adopted a consistent approach over the past 10 years on paying these fees even during any downturns in market house prices that made it more difficult for our customers or your clients to move their mortgage away from Halifax Intermediaries and a product transfer was their only viable option (we continue to support these client needs with PTs available up to 120% LTV).

As you’ll know the product transfer and further advance proposition we offer is comprehensive and offers your clients a variety of benefits, including:

  • a simple product range of products that can be used as PT only or FAD only or as part of a combined PT/FAD application for additional lending needs and cover LTVs up to 120% on products terms of 2 or 5 years for loans anywhere up to £7.5m
  • convenience and simplicity in our processes and policies – meaning your clients can refinance easily without any conveyancing complications and you can often place the business with a simple budget assessment
  • your clients benefit by a proposition that keeps them on track to own their home outright on the timeline they’d envisaged with no need to extend the term when they refinance through a PT – potentially saving them added interest over the term of their mortgage
  • you can help clients avoid fees that they may incur if they remortgage to another lender where even fee free deals sometimes incur booking or servicing fees
  • Our Mortgage Account Fee (MAF) covers standard transactional costs over the lifetime of the mortgage on a single property and you only pay it once when you join us – all PTs are MAF free

So please join us in celebrating our 10 year anniversary of procuration fees for product transfers and further advances. We’re committed to continuing to work together with you to make things easier and support the needs of you clients through thick and thin and in all the variety of changes that life throws at them.

Our tracker rate mortgages are linked to Bank of England bank rate (also known as Bank of England repo rate). Details of this rate can be found on the Bank of England website at www.bankofengland.co.uk.

For independent information on mortgages, visit the website 'Money Advice Service'.

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