Bank of Ireland introduces 0.25% retention proc fees for brokers


Bank of Ireland has introduced retention procuration fees for the first time, offering 0.25 per cent to brokers transferring existing BOI customers.

The Bank re-entered the UK intermediary mortgage market two years ago, developing partnerships in Britain and Northern Ireland.

Bank of Ireland director of sales Alison Pallett says introducing retention proc fees “recognizes the additional work brokers are now required to carry out when offering full advice to customers who stay with their existing lender.”

The bank offers standard residential and buy to let proc fees of 0.4 per cent and 0.5 per cent respectively to intermediaries for new customers.

Bank of Ireland is on the Openwork panel and proposition director Paul Shearman says he expects more lenders to follow in offering retention proc fees and that it will become “the norm within the next 18 months.”