Mansfield Building Society Introduces Product Transfer Proc Fees
In a strategic move to enhance customer experience and broker relationships, Mansfield Building Society has recently implemented proc fees for product transfers across its diverse product range. The society’s offerings, including Versatility, Versatility Plus, Credit Repair, Shared Ownership, and buy-to-let products, now come with the added benefit of procuration fees.
Existing Mansfield borrowers are now empowered to select exclusive products up to four months before their current deal expires. The process of transferring products incurs no additional fees, providing a seamless transition for borrowers. Brokers, on the other hand, can guide their clients through a selection of fixed and discounted variable rates tailored to their needs.
To further incentivize intermediaries, Mansfield Building Society will pay a procuration fee of 0.2% for cases submitted by brokers, with an enhanced fee structure for key club and network partners. The society’s product offerings for existing borrowers are easily accessible through its intermediary site and selected broker sourcing systems.
Tom Denman-Molloy, the intermediary sales manager at Mansfield, emphasized the importance of intermediaries in the mortgage market. He stated, “We are an intermediary-focused lender, and I believe that product transfers play a crucial role in the mortgage industry. Involving intermediaries in the transfer process acknowledges the value they bring to borrowers throughout their mortgage journey. Mansfield’s Versatility and Credit Repair range have gained significant traction, making us an attractive choice for brokers and clients alike. Brokers’ expertise in providing quality advice is invaluable, and their contributions deserve recognition and reward.”
Industry Insights and Projections
In related news, industry experts predict a positive trajectory for the mortgage market. One in five TMA brokers anticipates gross lending to exceed £251 billion by 2024. Additionally, the mortgage broker industry revenue is projected to surpass £2.5 billion by 2030, indicating sustained growth and opportunities within the sector.
Collaborative Partnerships and Enhancements
Xpress Mortgages recently announced a partnership with Paradigm Consulting, aiming to streamline processes and expand service offerings. This collaboration signifies a commitment to innovation and customer-centric solutions within the mortgage industry.
SortRefer has enhanced its Sort Club loyalty scheme, providing added benefits and rewards for members. The initiative aims to foster long-term relationships and loyalty among industry professionals.
Stay tuned for more updates and insights on the evolving landscape of the mortgage industry.
