TSB launches rate switch for residential

Brokers can now earn proc fees on residential mortgage product transfers with TSB after the lender extended its rate switch offering.

The lenders introduced a proc fee for buy-to-let product transfers earlier this month.

Procuration fees for rate switch are 0.3 per cent for networks and 0.27 per cent for directly authorised advisers. Product transfers via rate switch can be tracked in real time on TSB Mortgage Pro.

Product transfer products are available for two and five-year fixed rate buy-to-let products, and five-year fixed rate residential products.

TSB mortgage distribution director Roland McCormack says: “We’ve strengthened our commitment to brokers with the launch of our product transfer capability service, Rate Switch.

“Our new service not only allows brokers to offer their clients more availability and choice in the buy-to let market and residential (5year) markets but also gives some customers the option to easily transfer from one TSB product to another, giving them competitive rates with no legal or valuation fees. We would like to thank our brokers for their continued support in helping us launch Rate Switch.”

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