Chetwood Bank has confirmed it will pay brokers a full procuration fee when it introduces product transfers across its ModaMortgages and CHL Mortgages for Intermediaries brands.
The digital challenger bank said brokers would receive the same payment for handling a transfer as they would for arranging a new case, reflecting the amount of detailed work often involved.
Darrell Walker, group sales director at Chetwood Bank, said: “As an intermediary-only lender, we’re 100% dedicated to the broker market and are committed at putting them at the heart of everything we do.
“We recognise the amount of effort that goes into completing a product transfer which is why we’re prepared to pay them a full procuration fee for the work they do, regardless of whether it’s a new case or repeat business.”
Walker added that the move was intended to strengthen the bank’s relationship with brokers and urged intermediaries to register with both ModaMortgages and CHL Mortgages to keep pace with the launch.
