It is challenging intermediaries to find a packager that is paying a higher procuration fee on a given sub-prime mortgage product and it will match it.
Bananas Inc has checked its procuration rates against those of its competitors and is confident that it will not be beaten. The challenge runs until the end of March.
Bananas Inc uncovered large procuration differences between packagers when undertaking its research. One sub prime mortgage product attracted a range of procuration rewards, depending on the packager, from 0.5% to 1.25%.
Sue Cox, Bananas Inc Business Development Manager, said: “We are very aware that intermediaries’ time is precious. They do not have the time to check all the procuration rates on a mortgage product, so we have made sure that we have the best. However, if brokers do manage to find a higher procuration rate somewhere else for a given sub-prime product, we will match it.”
Bananas Inc, which was launched in May 2003, is a subsidiary of established direct-to-consumer packager MD Nationwide.
