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Precise Mortgages launches retention programme with procuration fees
Specialist lender Precise Mortgages has launched a retention programme for customers at the end of their initial fixed or discount deals.
Eligible customers will receive written confirmation towards the end of their initial rate deal and be informed of alternative products on offer. Customers of Precise will be able to apply for products with a two-year fixed rate, a two-year tracker or a five-year fixed rate. All the products are available without lender fees.
In cases where a broker’s service leads to a new product switch, they will receive a procuration fee of 0.25%.
Alan Cleary, Managing Director of Precise Mortgages, is certain the changes will give customers and brokers more product choices.
“The numbers of customers coming to the end of their deals with us is quite small at the moment, but will become significant in 2017 and beyond. We are in [the] test-and-learn phase for the next six months and will make changes as appropriate."
Jeremy Duncombe, Director of L&G Mortgage Club, commented: “This is good news for customers and brokers with Precise Mortgages doing the right thing and paying brokers for the work they are doing.
“Precise Mortgages join a growing list of lenders who are recognising the vital role of the broker in giving best advice to the customer when their rate matures. We expect more lenders to follow in making this the norm.”
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