The announcement follows Coventry’s commitment to pay product transfer fees on residential mortgage deals before the end of the year.
Kevin Purvey (pictured), director of intermediaries, said: “Intermediaries are integral to our success and we know they’ve been eagerly anticipating this announcement. We’ve been able to bring proc fees for buy-to-let product transfers to market more quickly and are committed to extending this to residential products later this year.
“In line with our pledges, our ‘open transfer policy’ still stands, so existing customers can access our full range of new business buy-to-let products.”
Over the past months, a flurry of lenders have been revealing their plans to pay retention proc fees to their intermediary partners.
Santander pleased brokers at the beginning of this year by announcing their intentions to reward brokers for product transfers. Since the announcement NatWest, Nationwide and Leeds Building Society, to mention a few, have shared their plans on retention procuration fees. Yesterday, Accord Mortgages said it would extend its paying product transfer pilot to additional brokers, but would only pay on residential deals.