NatWest to pay retention proc fees from Thursday

NatWest will pay brokers retention procuration fees of 0.20 per cent from 14 December.
Brokers will get payment within 10 days of the new mortgage commencing.
The minimum proc fee will be £250 and the maximum £6,000.
The fee will be paid on completion of residential and buy-to-let mortgages, according to an email sent to brokers this morning.
Borrowers wanting a product transfer must have a product minimum of £25,000.
It will not be available to customers who want to exit an existing deal ahead of a roll-off period.
This commences 110 days before the end of a customer’s current deal.
It will also not be available to customers wishing to simultaneously take additional borrowing, change their term or repayment type or who are in arrears.
NatWest Intermediary Solutions head of intermediary mortgages Graham Felstead says: “We have had a great deal of positive feedback on this launch since we announced it last month.
“We’ve made every effort to make sure that the online process is easy-to-use and brokers will have the support of our team of BDMs and LiveTALK if they need help. ”



Leeds rolls out retention proc fees to all brokers

    Leeds Building Society has rolled out retention procuration fees to all brokers following a trial with Connells and LSL. The payment applies to all like-for-like product transfers in all mortgage areas. The lender says it has now developed its online retention portal that will let brokers view client details, reviewing their options and request […]


Barclays introduces proc fee for further advances

 Barclays Mortgages is introducing a procuration payment of 0.3 per cent on all new residential and buy-to-let further advance cases. The lender says it recognises the efforts made by brokers on advising and completing these cases. It says applications submitted from Friday 22nd September onwards will be eligible for the new payment. Barclays director of […]


DB transfer showstoppers

By Jim Grant, Senior Product Insight & Technical Support Analyst Transfers from defined benefit (DB) schemes are a bit of a hot topic just now. In this article we look at a couple of factors that could prevent a transfer from happening Equalisation of pensions Prior to the Barber case in 1990, DB pension schemes typically provided […]


News and expert analysis straight to your inbox

Sign up