NatWest ups max proc fee to £10,000

Ryan Bembridge

October 16, 2018

NatWest has increased the maximum procuration fee for residential, buy-to-let and product transfers from £6,000 to £10,000.

The lender said the move was “following market feedback from our brokers” and will happen as a six month pilot.

The change is likely to be targeted at advisers in London and the South East, where prices are high enough to generate higher proc fees.

Rob Ashley-Roche, principal of Rest Assured Mortgages in Bournemouth, said: “The rich get richer – l I’ve never had proc fee approaching £6,000 let alone £10,000!

“People that have pushed for this will be the big brokers in London.”

NatWest made the announcement in a broker note today.

A NatWest spokeswoman said: “We constantly review our proposition to ensure we’re in line with the market.

“We recently implemented an increase to our maximum procuration fee in response to feedback from brokers who had been asking for this for some time.”

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