NatWest Intermediary Solutions will launch its new product transfer facility on Friday 15 December.
The lender will pay brokers a procuration fee of 0.20 per cent for each completed product transfer.
The lender will take product transfers from for both residential and buy-to-let business.
It will apply to customers in their roll-off period, those on a standard variable rate and those with ‘track and switch’ functionality.
The balance available to switch must also meet the new product minimum of £25,000.
NatWest Intermediary Solutions head of intermediary mortgages Graham Felstead says: “Retention has certainly been one of the hot topics over the last couple of years and one that we have had valuable dialogue on with our key intermediary partners.”
Brokers can use the new facility by logging onto the NatWest Intermediary Solutions’ website and selecting the ‘product switch’ option.
The facility is not available to customers who want to exit an existing deal ahead of the roll-off period.
It is also not available for customers wishing to simultaneously take additional borrowing or instigate a contract variation, or those whose mortgage is in arrears.
