Mortgage News
Accord extends retention proc fee pilot
Accord Mortgages is widening its pilot scheme of paying brokers proc fees for retained residential mortgage business.
The lender began piloting the scheme last year, where it pays a fee of 0.3%. It said that it has decided to extend the pilot to a limited number of additional partners in order to “road test” it ahead of a possible rollout to the full broker market.
David Robinson, national intermediary sales manager, said Accord recognised the effort brokers make to get their clients the right remortgage deal.
He continued: “We have decided to extend our pilot to coincide with a significant maturity period coming up which will give us a great opportunity to fine-tune this new initiative and ensure it is fully robust before we make a decision to offer it market-wide.”
This week both Nationwide and Leeds Building Society have announced plans to introduce retention proc fees, with NatWest, TSB and Family Building Society all set to do the same this year.
Alongside the proc fee pilot extension, Accord has cut rates on lower loan-to-value buy-to-let mortgages by up to 0.30%. Rates include a two-year fixed rate at 1.83% for borrowers with a 40% deposit.
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