Kent Reliance is launching its ‘Choices’ product transfer scheme that pays a procuration fee for brokers on retention business – the first of its type to be provided by a specialist mortgage lender.
The scheme covers all products in Kent Reliance’s range and will not usually require a revaluation of the property or the need for a solicitor, so there are no more additional borrower costs, except applicable product fees. The lender said it is designed to be simple, quick and efficient.
Adrian Moloney, sales director of Kent Reliance parent OneSavings Bank, said: “We are focused on the intermediary channel, so it was important to us to confirm our commitment to brokers by offering a scheme that rewards the value and expertise that they bring to client relationships.
“We recognise that good advice is appropriate throughout the life of the loan, so encouraging borrowers to speak to their broker at product maturity was the right thing to do, even if that opens up the possibility of them going to another lender.”
“The process has been designed to be as smooth as possible, and we already have our sights set on further improvements in the coming months. The retention scheme is available across our entire award-winning specialist mortgage range and we are delighted to deliver a unique proposition that may help encourage other specialist lenders to follow suit and acknowledge the work that brokers do on our behalf.”
And the move has been welcomed by the industry.
Andrew Montlake, director, Coreco, said: “This is a very welcome announcement and it is good to see Kent Reliance continuing to support brokers by offering a simple retention solution. The fact that they will pay a procuration fee as well, marks them out as a model lender who are happy to recognise the hard work brokers do when considering a retention product.
“As a specialist lender often dealing with complex cases, it is important to ensure that their customers continue to get the very best advice and this is exactly what Kent Reliance are doing”.
And Jeremy Duncombe, director, Legal & General Mortgage Club, added: “We are delighted to see Kent Reliance join the growing number of lenders paying procuration fees for retention business.
“By recognising the important role brokers play in this market, Kent Reliance continues to listen and react to intermediaries when improving their proposition and should be congratulated. We hope this becomes the norm in the market before long, but brokers need to play their part by proactively contacting customers to ensure they are benefitting from the best rates possible.”