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H&R for Intermediaries announces the introduction of product transfer procuration fees

Hinckley & Rugby Building Society has announced that it will pay a procuration fee for intermediated product transfers from 25 April 2022.

As part of a widescale review of their partnerships with mortgage intermediaries, brokers advising Hinckley & Rugby’s existing Residential and Buy to Let borrowers on their product transfers will be entitled to a 0.20% procuration fee.

Julie Bourne, Intermediary Sales Manager at Hinckley & Rugby, said

“We understand the hard work brokers put into advising clients who are sourcing a new lender, as well as those clients looking to remain with their existing lender. It is therefore great to be able support brokers further with the introduction of procuration fees for product transfers.

“Having invested this year in evaluating a significant quantity of broker feedback, it was clear how important this introduction was to maintain our strong relationship with brokers and ensure customers have the appropriate choices available to them when their mortgage scheme matures.

“Our changes will deliver a straightforward and hassle-free process for brokers to work with Hinckley & Rugby’s product transfer team on behalf of their clients for everyone’s ultimate benefit.”

As part of Hinckley & Rugby’s broker-led product transfer process, borrowers will be permitted to switch up to three months before maturity without incurring any early repayment charges, an attractive introduction in an environment of rising interest rates.

Mortgage intermediaries wanting to learn more about Hinckley & Rugby’s product transfer process can do so online via the products transfers page.

Alternatively, Hinckley & Rugby’s intermediary product switching team is available to answer any questions via telephone, 01455 894739, or via email at contractvariations@hrbs.co.uk.