Mortgage News
Aldermore sets date for proc retention fee launch
Aldermore, the specialist lender and savings bank has confirmed an April launch for a 0.3% procuration retention fee for broker business to one of its loyalty mortgages.
Aldermore has become the latest lender this week to reposition its fees offering, after Nationwide, Coventry, Skipton, Accord and Leeds BS all made procuration retention fee announcements this week.
It said this was part of its ongoing commitment to its broker partnerships and the mortgage intermediary market in general.
The fee will be available across its residential and buy-to-let mortgage range on its standard loyalty products, with all products available direct to consumers or through brokers.
Charles McDowell, commercial director, from Aldermore, said: “Our proposition puts brokers at its heart. Brokers provide an indispensable service to their customers by giving them the right advice and ensuring the right customer outcome. I am delighted that we can give brokers the recognition they deserve by offering retention procuration fees.”
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Santander became the first lender this year to announce plans to launch retention procuration fees, swiftly followed by a flurry of other major lenders.