Accord Mortgages will pay retention procuration fees to the full broker market from today, Monday 3 July.
The intermediary-only lender will pay fees of 0.30 per cent for retained mortgage business following a pilot with select partners.
Earlier this year the lender announced that it would be paying fees for retention but the date of commencement has just been confirmed.
The lender, part of Yorkshire Building Society, currently pays brokers fees of 0.45 per cent for new residential business and 0.50 per cent for buy-to-let applications.
Accord national intermediary sales manager David Robinson (pictured) says: “We used the pilot to fine-tune the initiative and we’re now in a position to offer a procuration fee to all intermediaries arranging an existing borrower transfer for residential mortgages.
“We’re committed to supporting brokers to provide the best possible service to their clients. We believe it’s important to offer brokers a procuration fee that fairly reflects the effort they make to ensure borrowers get the right remortagage deal.
“In addition, we have improved our online functionality to make the product transfer process as simple and time efficient as possible. For instance, brokers can now produce key fact illustrations (KFIs) or submit a transfer application for clients using up-to-date figures at the touch of a button.
“We are now reviewing rolling out paying a procuration fee on buy-to-let retention business by the end of 2017.”