28 February 2024

Darlington Intermediaries increases procurement fees to 0.3% on all product transfers and retention products.

The FCAs new Consumer Duty has raised expectations across the mortgage industry for borrowers, lenders and brokers. Applying and meeting these expectations understandably takes more time for brokers when dealing with clients’ applications.

Furthermore, in the current competitive mortgage market, brokers have noted the additional time required to be able to properly advise their clients in a challenging and volatile interest rate environment.

Darlington Intermediaries has been on a journey to support its broker partners through these challenging times, and the latest step sees an increase in the procurement fee on product transfers to 0.3% (previously 0.2%).

Chris Blewitt, Head of Intermediary Distribution said:

“Through ongoing conversations with our broker partners, we know that brokers’ time is tighter than ever at the minute. Brokers are working in a highly competitive market against a backdrop of changing regulation. This all takes more time to find those perfect-fit mortgages for their clients, and we understand. That’s why we have enhanced our procurement fees on all product transfers to 0.3%, recognising our valued broker partners’ time. It’s important to reflect on and appreciate the hard work that goes into finding people their dream homes, and the best mortgage for their circumstances and requirements. We’re here. We’ve heard, we’re helping.”

As well as increasing its product transfer fees, Darlington Intermediaries has invested in the overall broker experience, to give back valuable time and enable brokers to enjoy a speed of service typically experienced at high street lenders. This includes:

  • Investing in Iress MSO platform – now all mortgages and transfers can be processed through this market-leading technology.
  • Pre-populated applications – Thanks to a clever tech upgrade, the vast majority of information from a Decision in Principle or a full mortgage application can be prepopulated from brokers’ CRM systems into our mortgage system. This means fewer errors, faster applications and a seamless experience for brokers.
  • Dedicated digital BDM – Regardless of where brokers are located, they can run through applications on-screen at a time that suits them, with our dedicated Digital BDM – The first in the industry.