The news follows hot on the heels of Nationwide’s decision to pay product transfer fees to brokers this morning.
Leeds BS will also pay a full proc fee to brokers helping existing borrowers to port their mortgages.
Jaedon Green, Leeds Building Society’s director of product and distribution, said the lender was introducing the change in recognition of the work done by brokers in retention cases.
“While we’ve remained focused on growing our lending and supporting the wider mortgage market, we’re excited to confirm we’re also developing our retention capability. We expect to be active by the end of the year,” he said.
“The majority of our mortgage business is done through our intermediary partners so our retention practices are broker-friendly and we listen closely and are responsive to their feedback.”