Retention Proc Fees: Who’s paying what?

Mortgage Introducer

February 21, 2017

Over the last six months several lenders have announced that they will begin to pay retention proc fees.

And due to the success and praise these lenders have received from the broker community, more and more lenders over the last few weeks have started to follow suit.

Below, Ingard network has rounded up the latest lenders who have launched, or are in the process of launching, retention proc fees across their residential mortgage ranges.

FSE Manchester: Product transfers an opportunity for brokers

 

Santander: Confirmed that it will pay a proc fee of 0.2% on all retention business being transacted through their online portal from the 1 March.

RBS / NatWest: Confirmed last week that it will be introducing retention proc fees later this year. It plans to pay 20bps on completion of each case on both residential and buy-to-let business.

Aldermore: Confirmed that they will pay a retention proc fee of 0.30% (net) on product transfers for existing customers moving onto one of Aldermore’s Loyalty Mortgages from 3 April.

Nationwide: Confirmed this week it will be introducing retention proc fees in summer. It plans to pay 20bps on product transfers.

The Mortgage Works: Confirmed this week it will be introducing retention proc fees in summer. It plans to pay 20bps on product transfers.

Leeds Building Society: The Society will be introducing retention proc fees later this year. It plans to pay 20bps on product transfers.

Family BS: Confirmed last week that it will be introducing retention proc fees in the coming few months.

Coventry BS: Confirmed last month that it will be introducing retention proc fees later this year.

Bank of Ireland: In October 2016, the bank introduced a gross retention proc fee of 0.25% to brokers when transferring existing customers.

Precise: Already pays a 0.25% proc fee for retention deals.

Skipton: Currently piloting paying retention proc fees to a select few brokers.

Yorkshire BS: Currently piloting paying retention proc fees to a select few brokers.

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