Coventry to pay retention proc fees from next month

Coventry for Intermediaries has announced it will pay a retention procuration fee of 0.30 per cent from November 24.

The lender revealed in January that it would be paying a proc fee for product transfers later this year and the full details have now been revealed.

Coventry began paying proc fees, also at 0.30 per cent, for buy-to-let product transfers in April.

Coventry director of intermediaries Kevin Purvey (pictured) says: “Product transfers are becoming an ever-increasing part of the market and we recognise the work that intermediaries have to undertake in order to give advice”.

“And our open transfer policy means that brokers’ clients who already have a mortgage with us can apply to transfer to any mortgage from our current range on the same terms as new clients.”

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  • Stuart Gregory 27th October 2017 at 12:50 pm

    Whilst extremely welcome…it’s also a bit galling if you’ve just in the past 2 weeks submitted a product transfer to the same lender for a client and received no payment for it at all.