Platform unveils 0.3% retention proc fee

Ryan Bembridge

April 4, 2017

Platform has launched a retention proc fee of 0.3% when customers perform a product transfer with the lender.

The lender is initially supporting product transfers on deals expiring on 31 May, while applications from customers on a standard variable or another reversionary rate will be added on 1 June.

A product switch can be applied for up to 90 days before the maturity of the existing deal and customers can apply for an advised or execution-only process.

Paul  Norcott,  head  of  Platform mortgages, said: “We are delighted to be able  to offer our intermediary partners the ability to help clients switch mortgage  products  through  Platform  mortgages  as  part of our retention strategy.

“Giving intermediaries and their clients the opportunity to access specific product switch options with new business interest rates across our mainstream and buy-to-let mortgage product offering is an important milestone and increases our competitiveness in the market.”

Jeremy Duncombe, director of Legal & General Mortgage Club, said: “It’s great to see Platform join the list of lenders now recognising the role that intermediaries play in the retention process for customers.

“The proposition, along with the level of fee at 0.30% has been reached following engagement with intermediaries, and we expect more lenders to follow at this level.”

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