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Nationwide to pay 0.20 per cent retention proc fee


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.”



My opinion: Lenders with no proc fees face reputation harm

Any lender that still refuses to pay retention proc fees should bear in mind the potential impact on its reputation Is anyone else amazed by the fact we are still debating retention procuration fees in the year 2017? This is an issue that should have been settled long ago. Brokers must undertake the same amount […]


NatWest to introduce retention proc fees

NatWest intermediary Solutions is to introduce retention proc fees for brokers for the first time later this year. The lender will offer 20bps on completion of each case on both residential and buy-to-let business after the introduction of the required technical changes. NatWest head of intermediary mortgages Graham Felstead says, “The topic of retention fees […]


Santander rolls out minimum £400 proc fee

Santander has brought in a minimum £400 new business procuration fee. The lender says the new fee will apply to loans of £25,000 or more. Santander for Intermediaries managing director Brad Fordham says: “The work the intermediary market does is invaluable. “We understand the amount of work that goes into new business cases, irrespective of […]


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