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Coventry BS to pay retention proc fees this year

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Coventry Building Society is set to pay brokers procuration fees for retention business in 2017.

The lender currently does not pay the fees, but has been reviewing its position.

A Coventry Building Society spokeswoman says: “As part of our pledges, we give our brokers’ clients access to the same new business products as our direct customers.

“This equally applies to retention products and any customer looking to transfer their mortgage can choose from our new business range.

“We’re committed to the intermediary sector and paying intermediaries proc fees for retention business during this year – more details will follow in due course.”

Last week saw the news that Santander for Intermediaries would pay brokers a proc fee of 0.20 per cent from March.

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