Newbury to pay retention proc fees

Mortgage Introducer

February 14, 2018

uk finance

Newbury Building Society plans to pay a 0.2% proc fee for retention business to mortgage intermediaries on its panel.

The change will be introduced in the summer.

Karen Smith, sales manager at Newbury Building Society, said: “We have always valued the support and hard work of our intermediary partners and would like to thank them for their business.

“We are pleased to announce our intent to pay a procuration fee for retention business later in 2018. We will be confirming an exact date for launch nearer the time.”

Those who want to join Newbury’s panel can apply, while this isn’t required for brokers in a number of networks.

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