Landbay has introduced a retention procuration fee of 0.3 per cent for mortgage intermediaries.
Brokers will receive the fee for all customer renewals once they have reached the end of their fixed, discounted period.
The specialist buy-to-let lender said it had made the move as part of its “ongoing recognition of the role of intermediaries in offering advice in the retention process of customers”.
Paul Brett, managing director of intermediaries at Landbay, said: “Our relationships with intermediaries are key to ensuring we continue to lend good quality loans to professional and reliable borrowers.
“Introducing retention fees is part of our ongoing commitment to the broker community, but will also come as good news for customers who now more than ever will be needing specialist advice at a time of regulatory and fiscal change.
“This is just one step towards creating a more equal and transparent playing field for advice.”
Dale Jannels, managing director at Surrey-based All Types of Mortgages, said: "It is really good to see more and more lenders offering retention procuration fees.
"Landbay, albeit reasonably new to the market, have a great vision and some great product offerings.
“This move to offer retention proc fees shows they have an intention to build long term relationships with specialist packagers and brokers, which can only be a good thing moving forward.”
simon.allin@ft.com
