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Nationwide to pay retention proc fees from today

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Nationwide has confirmed it will pay mortgage brokers retention procuration fees for all prime mortgage applications from today.

The lender will pay 0.20 per cent to all brokers, with no phased roll-out.

Mortgage Strategy previously reported that the lender was set to make the payments at the end of August or beginning of September, but Nationwide has now confirmed this.

Nationwide previously said it did not have the technological ability to pay the fees.

Nationwide director of intermediary relationships Ian Andrew says: “Following our announcement earlier this year of our intention to offer procuration fees for retention business, we have now completed its introduction for both prime and buy-to-let mortgage products, enabling us to acknowledge the valuable support of our intermediary partners and provide our members with greater channel choice.”

The Mortgage Works began paying the fees at the beginning of August.

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