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Accord launches retention proc fee to whole broker market

  • 03/07/2017
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Accord launches retention proc fee to whole broker market
Accord Mortgages has launched a 0.30% procuration fee for retained business on residential mortgages to the full broker market.

The announcement follows a pilot by the intermediary-only lender, which is part of the Yorkshire Building Society Group, among a limited number of lending partners.

The lender will now review rolling out paying a procuration fee on buy-to-let retention business by the end of 2017.

David Robinson, national intermediary sales manager at Accord, said: “We used the pilot to fine-tune the initiative and we’re now in a position to offer a procuration fee to all intermediaries arranging an existing borrower transfer for residential mortgages.

“We’re committed to supporting brokers to provide the best possible service to their clients. We believe it’s important to offer brokers a procuration fee that fairly reflects the effort they make to ensure borrowers get the right remortagage deal.”

Accord has also improved its online functionality to simplify the product transfer process.

Jeremy Duncombe, director, Legal & General Mortgage Club, said: “Following the success of our pilot, it’s great that Accord have extended this to the full market. By setting the fee at 0.3%, Accord have also recognised the vital role that brokers play in ensuring the customer receives the best outcome when their product matures. They continue to work closely with brokers with every aspect of their proposition.”

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