The Mortgage Works has confirmed that it will pay retention procuration fees to mortgage brokers as of 1 August.
The intermediary arm of Nationwide Building Society announced earlier this year that it would begin paying for retention business and has now confirmed the commencement date.
It will pay a gross proc fee of 0.20 per cent to intermediaries for all existing customers switching products and there will be no phased roll-out, with all brokers eligible for the fee from 1 August.
The lenders says it has invested in its online systems to “develop the technological functionality to enable brokers to switch products and be paid a procuration fee.”
TMW managing director Paul Wootton says: “We announced that we would be offering procuration fees for retention business earlier this year, and we are now able to do so for TMW. We have long valued the support and hard work of our intermediary partners and we are pleased to be in a position now to roll out retention procuration fees.”