Coventry also eyeing proc fees for retention business

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Coventry Building Society is the latest lender to announce it is considering paying brokers procuration fees for retention business.

The lender says it is reviewing its position but has not set a deadline to make a decision.

A Coventry spokeswoman says: “We are looking at this as we recognise the value of the advice that brokers provide on transfer options. However, we’re not in a position to announce a decision yet.”

The lender does not offer enhanced rates for its renewal customers.

Yorkshire Building Society said earlier today it is also considering paying the fees.

This week Skipton said it is launching a trial with Connells and London & Country to pay proc fees for retention business. It is looking to expand this to the rest of the market later this year.