Mansfield introduces product transfer proc fees

16 April 2024

Mansfield Building Society has introduced proc fees for product transfers across the mutual’s entire product range, including Versatility, Versatility Plus, Credit Repair, Shared Ownership, Buy to Let and more.

Through the product transfer process, existing Mansfield borrowers can choose exclusive products from four months prior to their current deal expiring.

There are no fees involved with switching products, while brokers will be able to advise their clients on a range of fixed and discounted variable rates available to them.

The society will pay 0.2% as a procuration fee to cases placed by intermediaries with an enhanced procuration fee to key club and network partners.

The Society’s products for existing borrowers will be available for review on its intermediary site and through selected broker sourcing systems.

Intermediary Sales Manager, Tom Denman-Molloy, commented:

“We are an intermediary-focused lender and I believe that product transfers play an important role in the mortgage market.

Allowing intermediaries to be involved in the product transfer process is a recognition of the value that intermediaries provide to mortgage borrowers throughout the mortgage life cycle. We know that Mansfield is becoming increasingly attractive for brokers and their clients, with our Versatility and Credit Repair range having been enormously popular.

Brokers are well-placed to offer quality advice throughout the mortgage journey and their input should be recognised and rewarded.”