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Family BS starts paying retention procuration fees

  • 27/03/2017
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Family BS starts paying retention procuration fees
Family Building Society and its legacy National Counties brand start paying retention procuration fees today for product switches and further advances.

The mutual is offering 0.20% for a product switch and 0.25% for a further advance.

Proc fees are payable on the full range of fee-free products.

Cammy Amaira, head of intermediary sales at the Family Building Society, said: “We continue to build strong relationships with our introducing brokers and panels, who play a pivotal role in advising many of our clients, typically the non-standard borrowers who are poorly-served by the big high-street lenders.

“We reviewed matters to determine the appropriate and competitive level of retention fees and have implemented the required system changes. We promised full details by the end of March and this is a promise we have kept.”

Family promises to make payments by cheque or Bacs seven working days after completion on its website.

However, last week industry leaders warned that the battle was not yet over on retention proc fees with the current lender standard of 0.2% being far from satisfactory.

On 1 December last year, all new intermediary and direct mortgage business began being submitted under the Family Building Society brand, not National Counties.

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