NatWest to launch product transfer and retention fee facility
NatWest Intermediary Solutions will launch its product transfer facility on Friday 15 December which will enable brokers to assist existing NatWest mortgage customers to switch to a new NatWest mortgage when their current deal comes to an end.
The facility will be available for both residential and buy-to-let business for customers who are within their roll-off period, those on a standard variable rate and those with the ‘track and switch’ functionality.
The balance to switch must also meet the product minimum of £25,000 and on completion of each product transfer deal, brokers will be paid a gross proc fee of 0.2%.
Graham Felstead (pictured), head of intermediary mortgages at NatWest Intermediary Solutions, said: “I am delighted that we are able to launch our new product transfer facility.
“Retention has certainly been one of the hot topics over the last couple of years and one that we have had valuable dialogue on with our key intermediary partners.”
The facility is not available to customers who want to exit an existing deal ahead of the roll-off period, those wishing to take on additional borrowing simultaneously or those whose mortgage is in arrears.