RBS to introduce retention proc fees

Ryan Bembridge

February 21, 2017

Royal Bank of Scotland will introduce retention proc fees of 20bps later this year – mirroring the approach taken by fellow RBS Group lender NatWest.

The retention proc fees will apply to residential and buy-to-let business.

An RBS spokesman said: “I can confirm it’s our intention to take the same approach with RBS as NatWest.”

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NatWest made the proc fee announcement last week, after which it transpired that the sale of Williams & Glyn to Clydesdale Bank collapsed and may no longer be required.

Last week Graham Felstead, NatWest’s head of intermediary mortgages, said: “The topic of retention fees has been one that has been high on brokers’ agendas for some time.

“We fully appreciate that brokers deserve a level of recompense to reflect the work that they have to do in helping their customers to get the most appropriate deals, including when that is to remain with their existing lender on a new deal.

“In coming to our decision, we took soundings from many of our business partners to ensure our proposed plans were in line with market expectations.”

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