Vernon Building Society has partnered with Optimus to introduce a free legal service for new customers refinancing their mortgage on selected products, primarily focused on prime home loans up to 80% LTV and later-life products.
The association says the service could save customers around £300 to £700 in lawyer fees normally associated with refinancing a mortgage, while brokers will benefit from better visibility of the association’s products when looking for a new mortgage.
Under the new arrangement, clients will have direct contact with their assigned lawyer, in addition to support from Optimus’ dedicated team.
The initiative also allows the association to outsource panel management and due diligence, with Optimus overseeing a dedicated panel of transport companies and providing ongoing performance monitoring and reporting.
The Vernon head of mortgage and savings distribution Brendan Crowshaw said: “By working with Optimus, the Society can offer a free legal proposal for mortgage refinancing, giving brokers and their clients a more competitive and streamlined option at a time when demand for mortgage refinancing remains a key part of the market.”
“We wanted a solution that would enhance the customer journey and improve visibility among brokers. We believe our partnership with Optimus will allow us to focus on what we do best: supporting members and brokers, and growing the community.”