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Coventry BS to bring in buy-to-let retention proc fees in 2017

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Coventry for Intermediaries will start paying retention procuration fees for buy-to-let mortgages from 1 April.

The lender says the fee will be 0.30 per cent.

In January Coventry announced it would begin paying retention proc fees for residential business this year.

Today, the lender revealed that the level of this fee would also be 0.30 per cent.

Coventry for Intermediaries director of intermediaries Kevin Purvey (pictured) says: “Intermediaries are integral to our success and we know they’ve been eagerly anticipating this announcement.

“We’ve been able to bring proc fees for buy-to-let product transfers to market more quickly and are committed to extending this to residential products later this year”.

“In line with our pledges, our ‘open transfer policy’ still stands, so existing customers can access our full range of new business buy-to-let products.”

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