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TMW sets date for broker proc fee payments

  • 24/07/2017
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The Mortgage Works (TMW), part of the mutual lender, Nationwide Group, is to begin procuration fee payments to mortgage brokers for retention business for all applications from 1 August.

A gross procuration fee of 0.20% for retention business will be paid by TMW to intermediaries for all existing customers switching products.

The fees will be launched simultaneously to all intermediaries, with no phased roll-out.

Nationwide said it has invested in its online systems to develop the technological functionality to enable brokers to switch products and be paid a procuration fee.

The society is on track to launch procuration fees for retention business for Nationwide customers later in the summer.

Paul Wootton, managing director of TMW, said: “We announced that we would be offering procuration fees for retention business earlier this year, and we are now able to do so for TMW. We have long valued the support and hard work of our intermediary partners and we are pleased to be in a position now to roll out retention procuration fees.”


Portfolio lending

The lender, which is part of Nationwide Building Society, said that in line with guidance set out by the Prudential Regulation Authority, it will define a portfolio landlord as a borrower with four or more distinct mortgaged buy to let rental properties.

There will be no changes to loan to value (LTV) limits, maximum loan size or minimum income criteria, while stress rates and the number of properties accepted will remain the same.

The lender will continue to accept portfolios of all sizes, with no limit to the number of properties.


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