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TSB set to pay retention proc fee in 2017

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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.

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