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. ”



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