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 has been one that has been high on brokers’ agendas for some time. We fully appreciate that brokers deserve a level of recompense to reflect the work that they have to do in helping their customers to get the most appropriate deals, including when that is to remain with their existing lender on a new deal. In coming to our decision, we took soundings from many of our business partners to ensure our proposed plans were in line with market expectations.
“We have enjoyed a fantastic few years in building and improving our intermediary proposition and believe our plan to introduce retention fees will be welcomed by brokers as another positive change that reflects our commitment to the intermediary market. This announcement is one of several exciting changes we will be announcing this year which will allow us to continue to improve our proposition to intermediaries.”
In January, Santander revealed that it would pay retention proc fees from March of 0.2 per cent.