Coventry BS to pay retention proc fees
Coventry Building Society has announced plans to pay mortgage brokers a procuration fee for retention business.
A series of lenders have recently announced plans to introduce proc fees.
Last week, Santander for Intermediaries announced plans to pay mortgage brokers a procuration fee of 0.2% on retention business from 1st March.
Bank of Ireland for Intermediaries also recently announced that it will offer a gross retention procuration fee of 0.25% to brokers when transferring Bank of Ireland existing customers.
A Coventry Building Society spokesperson said: “We’re committed to the intermediary sector and paying intermediaries proc fees for retention business during this year – more details will follow in due course.”