Vernon introduces retention proc fees 

Stockport mutual Vernon Building Society has introduced retention proc fee of 0.20% on completion of applications submitted from 1 April.

The society has refreshed its product transfer product range, which will be available through intermediaries and direct from the lender.

Tom Gurrie, intermediary sales manager at Vernon, said: “We are pleased to offer brokers the same choice of product transfer deals as our direct customers, across our whole lending range.

“Brokers have played a vital part in our recent growth and we want to recognise their importance to our future plans, whether they are introducing a new client or switching an existing borrower to another rate.

“Our new products and straightforward process make it easier for brokers to arrange a product transfer where they’ve found it is the best option for their client.”