Nationwide set to pay retention proc fee by September

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Nationwide is set let brokers carry out product transfers and get retention procuration fees by the beginning of September.

In February the lender announced its intention to pay a retention proc fee of 0.20 per cent at some point in 2017.

But now Mortgage Strategy understands the lender will be ready to pay the fees by the last week of August or first week of September.

A Nationwide spokeswoman says: “We remain on track, but can not confirm the exact date at present.

Nationwide will pay the fees to all brokers, with no phased roll-out.

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

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