Cheltenham & Gloucester relaunches intermediary payment scheme

Cheltenham & Gloucester relaunched its intermediary payments scheme this week.

The new scheme replaces the payment of a fixed sum with a percentage system based on the size of the loan. For loans introduced with a loan to value of up to and including 90%, a percentage payment of 0.30% of the loan size will be made, while loans introduced over 90% and up to and including 95% LTV, will receive 0.25% of the size of the loan. All payments will be made on completion.

Nick Hale, sales director for C&G, says: “The relaunch of our intermediary payments scheme recognises the value intermediaries bring to our business. All our mortgage products and charges are straightforward and easy to understand, and this change makes our intermediary payments simple to understand as well.

“This simplified intermediary payment structure will ensure our relationships continue to go from strength to strength. The new system should unlock the door to an even more successful 2003.”