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.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.