Accord Mortgages has stated that the majority of its remortgage borrowers are choosing free legal assistance.
The lender believes that this demonstrates the popularity of this additional mortgage feature is not waning.
Figures from Accord show on average 80% of remortgage customers have plumped for a free legal option rather than cashback throughout 2017 so far.
Accord offers both residential and buy-to-let remortgage customers the choice of free legal assistance or cashback up to £500 across the majority of its range.
David Robinson, national intermediary sales manager at Accord, said: “Despite reports of free legal service issues across the market we’ve continued to see a good turnaround, which is perhaps why this additional mortgage feature remains the incentive of choice amongst our customers.
“We appreciate the frustrations brokers have recently experienced, so we want to offer a choice of mortgage extras to suit different borrower’s needs, plus brokers can have the assurance of working with a solicitor they trust.
“For instance, eConveyancer is offering an innovative solution for borrowers who are looking to keep the upfront costs of their remortgage low by using cashback to cover the cost of a property conveyance, meaning the customer will not have to pay any extra.”
David Burt, business development manager at eConveyancer, added: “Providing a good customer service is becoming more and more important to both brokers and lenders, and the recent issues with free legal services have had a knock on effect.
“Some brokers prefer the ease of cashback, which is why we’re offering a price match on a conveyancing service for borrowers taking that option. Our online platform allows brokers to easily find a reputable solicitor and gives regular progress updates meaning they can keep their client informed every step of the way. The best part is there’s no additional cost1 to the borrower, plus the broker will also receive a referral fee, so it’s a win-win situation for everyone.”