Mortgages

TSB to pay retention proc fees

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11th January 2017
"We will be launching our product transfer proposition towards the end of the year to coincide with our first significant maturities."

TSB has become the latest lender to announce plans to pay mortgage brokers a procuration fee for retention business.

The Bank said its proc fee proposition would be in place "towards the end of the year" but has not yet revealed specific details.

Earlier today, Coventry Building Society confirmed that it would introduce proc fees this year.

Last week, Santander for Intermediaries announced plans to pay mortgage brokers a procuration fee of 0.2% on retention business from 1st March.

Roland McCormack, Mortgage Distribution Director at TSB, said: “We will be launching our product transfer proposition towards the end of the year to coincide with our first significant maturities. As part of our proposition, it is our intention to pay a fee to our brokers.”

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