Additionally it announced that in future Standard Life Bank would pay its registered users directly.
Explaining the rational for the increased fee and new payment process Nick Baxter (Mortgage Promotions Director) said, “We have always wanted to do the best thing for our registered users. Standard Life Bank is the first of our lender partners to agree to pay our users directly. Importantly this saves up to 5 working days in the physical process of getting them paid, but maybe more importantly as our administration costs have been reduced we have passed on the cost saving with our market beating new rate. Firms should check what rate they receive on Standard Life Bank business either directly or through their existing mortgage club relationship – if we can get them a better fee we would be delighted to help them.”
Nick Baxter continued, “As a mortgage club there is no reason why every directly authorised mortgage firm should not be registered to use us. We are free to join and mortgage firms can use us as often or as little as benefits them. There is now no product we cannot offer that either a firm or their consumer might need, but all products are offered on a menu (use as little or often as required) basis.”
David Hermon Senior National Account Manager of Standard Life Bank announcing the new process said, “Standard Life Bank welcomes this innovative move and is pleased to be the first lender to support it. We believe that it will enhance the already excellent service that is delivered to Mortgage Promotion users.”