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Principality introduces retention fees

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  • 20/03/2017
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Principality introduces retention fees
Principality Building Society will introduce retention proc fees for mortgage advisers later this year.

The mutual said the fees would be paid at 0.2% with the exact start date to be confirmed once the system was functioning.

It will pay the fee to intermediaries for recommending a product transfer.

Principality is the 19th biggest lender in the UK according to most recent figures with a 1.2% market share.

It joins Nationwide, NatWest, TSB and Aldermore among the biggest lenders to confirm they will be introducing retention proc fees this year.

Principality Building Society head of regulated sales and intermediaries Shaun Middleton the move was part of its commitment to the intermediary market.

“We’re making these changes to reflect the work done by brokers in cases where a product switch, rather than a re-mortgage, is the best advice for the customer.

“We are currently developing the system functionality to allow for this launch,” he added.

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