Coventry to pay proc fees for BTL product transfers

The Coventry for intermediaries has today announced that it will start paying proc fees on buy-to-let retention business, effective from 1 April.

Related topics:  Mortgages
Rozi Jones
23rd February 2017
Coventry
"We’ve been able to bring proc fees for buy-to-let product transfers to market more quickly and are committed to extending this to residential products later this year."

The lender will pay intermediaries a proc fee of 0.30% for buy-to-let product transfers, and is committed to paying the same fee for residential product transfers before the end of the year.

The Coventry first announced plans to pay residential procuration fees last month.

Kevin Purvey, Director of Intermediaries, said: “Intermediaries are integral to our success and we know they’ve been eagerly anticipating this announcement. We’ve been able to bring proc fees for buy-to-let product transfers to market more quickly and are committed to extending this to residential products later this year.

“In line with our pledges, our ‘open transfer policy’ still stands, so existing customers can access our full range of new business buy-to-let products.”

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