Chetwood Bank has announced brokers will receive a full procuration fee when it launches product transfers across its ModaMortgages and CHL Mortgages for Intermediaries brands.

The UK-based digital challenger bank has disclosed brokers will be paid the same procuration fee for repeat business as they would when placing a new case.

It urges brokers to keep up-to-date with the latest developments by registering with both lenders as soon as possible.

Chetwood Bank group sales director Darrell Walker says: “As an intermediary-only lender, we’re 100% dedicated to the broker market and are committed at putting them at the heart of everything we do.

“We recognise the amount of effort that goes into completing a product transfer which is why we’re prepared to pay them a full procuration fee for the work they do, regardless of whether it’s a new case or repeat business.

“This is a really exciting move, and brokers should register with both lenders to ensure they stay up-to-date with the product transfer launch.”