Skipton confirms 0.3% proc fee rollout to all brokers

Skipton Intermediaries has confirmed that all its brokers will now be paid a 0.3 per cent residential retention procuration fee.

This rises to 0.35 per cent for buy-to-let mortgages.

These fees were introduced in October, and followed pilots with a number of national brokers, including London & Country and Connells.

These fees will be payable on standard residential mortgages between £25,000 and £1m.

For buy-to-let mortgages the maximum loan on which this fee will be payable is £750,000; however the fee is payable on bespoke mortgages up to £3m.

Previously Skipton Intermediaries did not pay procuration fees on retention.

Proc fees have been under the spotlight recently with more mainstream lenders now offering these to brokers and intermediaries for retention business.

In December Leeds Building Society and NatWest confirmed they will pay retention procuration fees to all brokers.

Coventry for Intermediaries confirmed they would pay these proc fees in November, with Accord and Nationwide BS making similar announcements over the summer.

NatWest today announced that proc fees of 0.2 per cent will be paid from 14 December. The minimum fee will be £250, rising to a maximum of £6,000.



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