HSBC is making product switching available to its intermediary partners and introducing related procuration fees of 0.2%.
The lender has also added more intermediary partners to its panel, taking the total to 88, meaning that more than 13,000 brokers now have access to its residential mortgage portfolio.
HSBC said the procuration fee of 0.2 per cent for residential and buy to let mortgages, will come into effect for product switching where the mortgages originated in the intermediary channel.
The fee will be payable when:
- existing HSBC UK customers who originated via a broker take a new product at or post maturity of their current mortgage,
- the mortgage holder is on a fixed rate, term tracker, lifetime tracker or SVR.
HSBC UK head of intermediary mortgages Chris Pearson (pictured) said the bank had “steadily and systematically” grown its intermediary panel to ensure it could provide brokers with a high level of service.
“We have listened to feedback from brokers,” he said.
“Following significant investment in our broker platform and significant improvements to make the application process more frictionless, we are now able to accept applications from brokers with returning clients looking to product switch, plus introducing associated procuration fees, more signs of our continued support for the intermediary market.”
Head of mortgages and savings Michelle Andrews added: “The last year has been busy for us in terms of product development, much of which have been dedicated to important changes that help the homebuyers who rely on brokers the most – first-time buyers.”
The lender noted that improvements that have been made to support brokers included:
- Increasing the number of BDMs and BDOs, to reduce waiting times for enquiries;
- Immediate Decision In Principle certificate available to speed up the application process; and
- A new broker platform, providing case tracking and greater information accessibility.
Andrews continued: “We are making some step changes to our processes to ensure we provide excellent service to customers, whether direct or through brokers, and our commitment to ensuring our products are attractive and take into account wants and needs of modern homeowners.
She added that she hoped the new proc fees for switches “will help brokers ensure their clients get the product that best suits their needs.”
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review’s Journalist of the Year award.