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Newcastle Intermediaries introduces product transfer proc fees

Newcastle Intermediaries has announced that registered partners will receive a 0.20 per cent proc fee for product transfers.

The move follows a “successful” trial with L&G Mortgage Club.

Figures released by UK Finance late last year showed that 291,900 homeowners switched products with their existing provider in Q3 2018, representing £21.4bn.

On the announcement, Newcastle Intermediaries head of mortgage distribution Steve Carruthers (pictured) says: “We have been gaining feedback from brokers on what they want from product transfers and we’ve developed a product transfer process for all of our broker partners.

“I’m pleased to announce that our product transfer process is now available and products will be available on sourcing systems.”

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