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.”



‘Car crash’ expected in BTL market following PRA changes

The buy-to-let market is set to be a ‘car crash’ following the implementation of underwriting changes for portfolio landlords, according to an industry expert. Speaking on a panel at the Financial Services Expo in London today, Mortgages for Business chief executive David Whittaker (pictured) said a combination of lack of knowledge among landlords and an absence […]

A guide to automatic re-enrolment

Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment. Johnson Fleming has produced a useful guide that provides essential information to help you […]


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • 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.