View more on these topics

Nationwide set to pay retention proc fee by September


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.



TMW confirms date for launch of retention proc fees

The Mortgage Works has confirmed that it will pay retention procuration fees to mortgage brokers as of 1 August. The intermediary arm of Nationwide Building Society announced earlier this year that it would begin paying for retention business and has now confirmed the commencement date. It will pay a gross proc fee of 0.20 per […]


Buy-to-let lenders loath to raise proc fees after Keystone hike

None of the main buy-to-let lenders are set to follow Keystone’s example by raising procuration fees to compensate brokers for extra work undertaken from 1 October. Incoming Prudential Regulation Authority changes mean lenders will have to adopt a specialist underwriting approach for portfolio landlords, including gathering more detailed information than before. Last week Keystone said […]


Keystone hikes proc fees to 0.7% ahead of PRA changes

Keystone will raise buy-to-let procuration fees to to 0.7 per cent to recognise the extra work brokers will need to do for portfolio landlord applications. The lender currently pays 0.6 per cent to directly-authorised brokers, though some network brokers get slightly more. The lender will make the changes from 1 October to its classic range. […]


News and expert analysis straight to your inbox

Sign up