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Family Building Society to pay retention proc fees

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  • 10/02/2017
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Family Building Society to pay retention proc fees
Family Building Society will begin paying procuration fees for retention business this year, with full details to be revealed in March.

The mutual will pay for both advised product switches and further advances in 2017, with retained mortgages previously completed under the National Counties brand also to be included.

Family BS joins the likes of Santander, TSB and Coventry BS which have all moved to start paying retention fees in recent months.

Cammy Amaira, head of intermediary sales at The Family Building Society, said: “We continue to build strong relationships with our introducing brokers and panels. Customer outcomes are very important to us as a lender and brokers play a pivotal role in advising many of our clients, typically the non-standard borrowers who are poorly served by the big high street lenders.

“We feel that brokers should be rewarded for their diligence and paying retention fees is the right thing to do. We are reviewing matters to determine the appropriate level of retention fees and implement the required system changes. We will announce full details at the end of March.”

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