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Platform have announced Product Switch Proc Fees for Intermediaries

05 April 2017

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This week Platform announced they will now be paying intermediaries a gross 0.30% procuration fee for returning an existing mortgage customer to Platform that completes on maturity of their existing product. 

A product switch can be applied for up to 90 days before product maturity. Initially they will be supporting applications from customers whose mortgage product expires on 31 May.

You should be aware that the ERC free limit for overpayments on retention products will change to 10% of the mortgage balance each year from anniversary of the product switch completion. (Previously the limit was £1,000 per month) 

Details of their BTL Product Switch can be viewed here and their residential Product Switch can be seen here.

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