Metro Bank, the revolution in British banking, has increased its rate switching procuration fee by 50% in a move to further support the broker community. From today, brokers will benefit from a procuration fee of 30bps, up from 20bps, in addition to the lender’s comprehensive package of switching initiatives.
Supporting both customers and brokers with genuine choice is a key priority for the bank, and offering a market-leading mortgage switching service has been a principle theme. In addition to the increased procuration fee, brokers benefit from the bank’s online rate switching portal that provides quick and easy-access to the best rates available, along with detailed product information. Customers can also choose to switch up to three months early without incurring an early repayment charge, as well as enjoying no product fee on residential loans under £2 million.
Ben Thompson, Managing Director at Mortgage Advice Bureau said: “Aside from a handful of lenders - such as Metro Bank - it is only recently that we have begun to see switching initiatives being given the attention they deserve. The long-held view that client retention or product transfers represent a mere switch-flick has been widely replaced by brokers now using the catalyst of a deal expiry to fully review their clients’ circumstances, ensuring they are optimally set and sufficiently protected for future years. Metro Bank’s further strengthening of their switching proposition will I’m sure, be well received by intermediaries across the market.”
Charles Morley, Director of Mortgage Distribution at Metro Bank added: “Over the years we’ve listened carefully to our broker community and translated their feedback into direct action, enabling us to create an unparalleled broker and customer experience. Delivering quickly and efficiently to the market has always been high on our agenda and I’m delighted that just a few months after expanding into Scotland following broker feedback, we’re once again showing brokers that we have them at the forefront of our thinking.”
Metro Bank prides itself on its ability to support brokers and customers with both regular and complex lending requirements and offers everything from joint-borrower sole-proprietor mortgages, to top-slicing for landlords in need of a more flexible approach to assessing income. It is a top 20 lender1 and expects to become a top ten lender over the coming years, with gross mortgage lending last year growing by £2.6bn to £6.2bn.