Santander launches minimum proc fee of £400

"We understand the amount of work that goes into new business cases, irrespective of the size of the customer's mortgage"

The launch follows Santander's recent announcement to begin paying brokers a procuration fee of 0.2% on retention business.

The Bank says the roll-out of these payments across Networks and Mortgage Clubs will start from 1st March and be fully in place by the 1st July 2017.

Brad Fordham, Managing Director of Santander for Intermediaries said: “The work the intermediary market does is invaluable. We understand the amount of work that goes into new business cases, irrespective of the size of the customer's mortgage and the introduction of a minimum procuration fee is recognition of this.”