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Coventry BS introduces residential retention proc fee

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  • 27/10/2017
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Coventry BS introduces residential retention proc fee
Coventry Building Society is to pay brokers a 0.3% procuration fee for residential product transfers.

In February the mutual announced its buy-to-let product transfer proc fee would go live in April with a residential proc fee to be introduced by the end of the year.

The lender confirmed this will be introduced for all applications received from 24 November.

Coventry BS director of intermediaries Kevin Purvey (pictured) said: “We committed to introducing proc fees for all product transfers during 2017 and I’m delighted that we’re delivering on that.

“Product transfers are becoming an ever increasing part of the market and we recognise the work that intermediaries have to undertake in order to give advice.

“And our open transfer policy means that brokers’ clients who already have a mortgage with us can apply to transfer to any mortgage from our current range on the same terms as new clients.

 

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