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Nationwide to pay 0.20 per cent retention proc fee

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Nationwide Building Society has announced plans to pay mortgage brokers a procuration fee for retention business.

The lender wants to bring the fees in by the summer to all brokers, with no phased roll-out.

A procuration fee of 0.20 per cent will be paid to intermediaries for all existing customers switching products.

This will apply to both Nationwide and its specialist buy-to-let arm, The Mortgage Works.

 The lender says it has previously lacked the technology to handle the payments, but has been investing in its online systems.

Nationwide intermediary relationships managing director Ian Andrew says: “Nationwide has long valued the support and hard work of its intermediary partners and would like to thank them for their patience while development work was ongoing.

“We are now in a position to signal our clear intention to pay a procuration fee for retention business later in 2017.

“As a building society owned by its members, we remain committed to prioritising member benefit and customer loyalty and can confirm that the full range of prime loyalty products will be available through the broker channel.”

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