You are here: Home - News -

TSB to launch proc fees for retention this year

by:
  • 11/01/2017
  • 0
TSB to launch proc fees for retention this year
Challenger bank TSB has confirmed it will roll out product transfer fees toward the end of this year.

TSB began lending through the intermediary market in January 2015 after launching its mortgage offering direct to consumer in September 2013, following its separation from Lloyds Banking Group.

In January last year, mortgage intermediary director Roland McCormack (pictured) revealed to Mortgage Solutions that the lender would pay brokers a fee for retained business in light of its first round of broker-originated loans due for renewal this month.

In a statement McCormack said: “We will be launching our product transfer proposition towards the end of the year to coincide with our first significant maturities. As part of our proposition, it is our intention to pay a fee to our brokers.”

The news comes hot on the heels of announcements from Santander and Coventry BS, which have both agreed to start paying retention fees this year. Nationwide, HSBC and Royal Bank of Scotland are the only three firms in the top 10 lenders by 2015 market share that do not pay product transfer fees, while Accord Mortgages is currently piloting an initiative.

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
1734911-sheppard-david
Brokers concerned about effect of new BTL rules

The new underwriting rules for buy-to-let mortgages have been described as “another blow to an already beleaguered part of the...

Close