News
Nationwide starts paying retention proc fees
Nationwide has begun making retention proc fee payments to mortgage brokers for all prime mortgage applications from today.
A gross procuration fee of 0.20% for retention business will be paid by Nationwide to intermediaries for all existing customers switching mortgage products.
The fees will be launched simultaneously to all intermediaries, with no phased roll-out.
The Mortgage Works introduced procuration fees for buy-to-let retention business earlier this month.
However, brokers have raised concerns that the six-week switch window for TMW will not allow them to provide a complete service to their clients.
The lender said it had continued to invest in its online systems to develop the technological functionality to enable brokers to switch products and be paid a procuration fee for both TMW and Nationwide mortgages.
Aldermore Insights with Jon Cooper: Edition 4 – Budget 2025: Landlords feel the heat, brokers to steer the market
Sponsored by Aldermore
Nationwide director of intermediary relationships Ian Andrew (pictured) said: “Following our announcement earlier this year of our intention to offer procuration fees for retention business we have now completed its introduction for both prime and buy-to-let mortgage products, enabling us to acknowledge the valuable support of our intermediary partners and provide our members with greater channel choice.”