Newcastle Intermediaries launches online product transfer tool

Michael Lloyd

July 1, 2019

Newcastle Intermediaries has launched an online product transfer tool for brokers.

It said the tool will allow brokers to switch their client’s rate upon maturity from their existing deal to a new one with just a few clicks, removing the need for supporting paperwork.

Stuart Miller, customer director at Newcastle Intermediaries, said: “After our recent expansion of our product transfer proposition, we’re pleased to be able to introduce a digital tool that allows brokers to switch their client’s rates simply and quickly upon maturity.

“Product transfers were the fastest growing area in the mortgage market in 2018, and according to mortgage industry speakers at the Financial Services Expo this year product transfers are likely to dominate the mortgage market in 12 months’ time.

“We are in good shape and believe the introduction of this tool will further enhance broker and customer experience.”

In addition, the lender offers preferential rates for existing customers and will also allow them to switch three months before maturity with no early repayment charge.

Brokers receive a procuration fee of 0.20% for transferring their client onto another Newcastle Building Society product upon maturity of their existing deal.

All registered brokers can process product transfers through Newcastle Intermediaries and receive a 0.2% procuration fee.

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