Metro Bank has boosted its rate switching procuration fee by 50% from 20bps to 30bps.
Brokers can benefit from the online rate switching portal provided by the challenger bank, which offers access to the best available rates.
Customers will also pay no product fee on residential loans under £2m, as well as being able to switch up to three months early with no early repayment charge.
Ben Thompson, managing director at Mortgage Advice Bureau, said: “The long-held view that client retention or product transfers represent a mere switch-flick has been widely replaced by brokers now using the catalyst of a deal expiry to fully review their clients’ circumstances, ensuring they are optimally set and sufficiently protected for future years.
“Metro Bank’s further strengthening of their switching proposition will, I’m sure, be well received by intermediaries across the market.”
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