Santander rolls out minimum £400 proc fee

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Santander has brought in a minimum £400 new business procuration fee.

The lender says the new fee will apply to loans of £25,000 or more.

Santander for Intermediaries managing director Brad Fordham says: “The work the intermediary market does is invaluable.

“We understand the amount of work that goes into new business cases, irrespective of the size of the customers mortgage and the introduction of a minimum procuration fee is recognition of this.”

The news follows Santander’s decision to start paying brokers a 0.20 per cent procuration fee for retention business.