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Accord to roll out retention proc fees in H1

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Accord Mortgages aims to pay residential retention procuration fees to the whole of the broker market in the first half of the year.

Last year the lender launched a pilot with one firm, and has just expanded that to five firms.

The proc fee under the pilot is 0.30 per cent.

Accord says it wants to fine-tune the initiative before the wider launch.

Accord national intermediary sales manager David Robinson says: “We are committed to helping brokers build meaningful connections with their clients, and this involves recognising the effort they make to ensure borrowers get the right remortgage deal.

“We have decided to extend our pilot to coincide with a significant maturity period coming up which will give us a great opportunity to fine-tune this new initiative and ensure it is fully robust before we make a decision to offer it market-wide.”

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