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TSB set to pay retention proc fee in 2017

TSB store front 700 x 450

TSB plans to start paying mortgage brokers a retention procuration fee later this year.

The lender says the proc fee payment will tie in with it launching a product transfer system.

The firm launched in September 2013 and so has not yet had many customers eligible for product transfer.

A TSB spokesman says the lender has not decided the details of the fee yet.

TSB mortgage distribution director Roland McCormack says: “We will be launching our product transfer proposition towards the end of the year to coincide with our first significant maturities.

“As part of our proposition, it is our intention to pay a fee to our brokers.”

Yesterday Coventry Building Society said it is set to pay brokers procuration fees for retention business in 2017.

Last week saw the news that Santander for Intermediaries would pay brokers a proc fee of 0.20 per cent from March.



Coventry BS to pay retention proc fees this year

Coventry Building Society is set to pay brokers procuration fees for retention business in 2017. The lender currently does not pay the fees, but has been reviewing its position. A Coventry Building Society spokeswoman says: “As part of our pledges, we give our brokers’ clients access to the same new business products as our direct […]


Santander to pay retention proc fees from March

Santander for Intermediaries has today announced plans to pay mortgage brokers a procuration fee of 0.2 per cent on retention business. The roll-out of payments across networks and mortgage clubs will start from March 1 and be fully in place by the start of July. Procuration fee payments will be paid on all retention business […]


FBS sets out procuration fees increase

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