Please note that we can only accept introduced rate switches/product transfers within 3 months of a customer’s existing deal ending. You will need to be registered with us. If not already registered, download our registration form here and return it to info@vernonintermediaries.co.uk

To receive a procuration fee on a rate switch intermediaries must follow the process below:

1. Obtain a signed letter of authority from the customer

This letter must include the Mortgage Account number and state that the customer is happy for us to disclose their account information to you. It can be free text from the customer or if more convenient you can download our standard authority letter here.

 

2. Confirm the new product

On receipt of the signed authority, our retentions team will provide you with the financial information needed to help you advise your client on their options. Please request any illustrations required by contacting our retention team using the email address or number below. They will prepare and email to you the Illustration and the forms you will need. A product switch application form will also be sent directly to the customer. We will need both the application form and the broker confirmation form to be signed and returned to us within 14 days.
 

3. Upon receipt of all necessary documentation

We will apply the new rate either: 

on the first working day after their existing deal expires, or:
 
upon receipt of signed paperwork if their existing deal has no Early Repayment Charges, or if they are on our Standard Variable Rate.
 
A procuration fee of 0.2% will be paid to your bank account at the end of the month in which the rate change takes place.
 
Our Retention Matrices are outlined below
 
 
 
 

For more information, please contact our Retentions team

Email: businessretention@thevernon.co.uk

Contact Number (8.45am to 5pm weekdays): 0161 429 4304

Head office:

Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Fax: 0161 477 3303
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk

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All rights reserved