Nationwide is set to begin paying procuration fees for retention business for all prime mortgage applications.
A gross procuration fee of 0.20% for retention business will be paid to intermediaries for all existing customers switching mortgage products.
Nationwide has continued to invest in its online systems to develop the technological functionality to enable brokers to switch products and be paid a procuration fee for both TMW and Nationwide mortgages.
Ian Andrew, director of intermediary relationships, said: “Following our announcement earlier this year of our intention to offer procuration fees for retention business, we have now completed its introduction for both prime and buy-to-let mortgage products, enabling us to acknowledge the valuable support of our intermediary partners and provide our members with greater channel choice.”
Procuration fees for retention business for buy-to-let mortgages through The Mortgage Works (TMW), part of the Nationwide Group, were introduced earlier this month.
The fees will be launched simultaneously to all intermediaries, with no phased roll-out.