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TSB to launch proc fees for retention this year

  • 11/01/2017
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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.

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