Platform has become the latest lender to launch a new mortgage retention process for intermediaries.
Intermediaries will receive a gross procuration fee of 0.3% for all customer renewals where mortgage advice is provided. A retention request is submitted and the customer transferring to a new mortgage product upon maturity of their existing deal.
A product switch process has been developed, in conjunction with Platform’s key intermediary partners, for both themselves and their clients to follow, and existing customers will have access to current Platform new business interest rates across mainstream and buy-to-let ranges.
A product switch can be applied for up to 90 days before the maturity of the existing deal and customers will also have the option to apply directly to the Bank for an advised or execution only process should they wish to.
The lender will be initially supporting applications from customers whose mortgage product matures on 31 May. Applications from customers already on the Platform Standard Variable Rate (SVR) or another reversionary rate, will be accepted from 1st June onwards.
Paul Norcott, head of Platform, 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.”