Clydesdale Bank has opened porting, product transfer with additional borrowing and further advances to mortgage brokers.

The lender will pay procuration fees to intermediaries’ mortgage club or network at the rate of 0.20% on the existing loan amount for product transfer and 0.40% on the additional amount borrowed.

Further advances will earn 0.40% in proc fee for the new amount borrowed while for porting, with or without additional borrowing, Clydesdale will also pay 0.40% of the total loan amount.

To apply, brokers must complete an Illustration Request Form and email it to the bank’s existing customer support team – a reply should be expected within two working days.

Yesterday, Clydesdale announced it was raising mortgage rates following the Bank of England’s 25 basis point rate increase.