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Transfer fees initiative pays off for BoS

Bank of Scotland’s decision to pay proc fees on product transfer deals has been welcomed with open arms by brokers, netting the lender tens of millions of pounds of remortgage business every day last week.

Nigel Stockton, managing director of HBOS Intermediaries, says: “This proves that if you give brokers what they want and the tools to do the job, there is a remortgage market out there.

“The feedback Peter Curran, head of distribution at BoS, and his team have received has been highly encouraging.”

He adds: “It’s not often that you can reward a loyal market in such a way and we’re happy that our move been appreciated the length and breadth of the country.”

Fahim Antoniades, director of Quantum Mortgage Brokers, says: “This is great. I wish more lenders were like BoS.”

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Swaps continued to plummet but we have not seen any further improvements in fixed rate deals. And three-month LIBOR is now 3.79% but we have not seen any movement in tracker pricing either.

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