Accord has rolled out its procuration fee for mortgage retentions to the whole broker market.
The launch of the 0.3 per cent proc fee follows a pilot scheme that took place among a limited number of lending partners.
Accord currently pays a 0.45 per cent proc fee for residential applications and a 0.5 per cent fee for buy-to-let applications.
It is currently reviewing the roll-out of a procuration fee on buy-to-let retention business by the end of 2017.
David Robinson, national intermediary sales manager at Accord, said: “We used the pilot to fine-tune the initiative and we’re now in a position to offer a procuration fee to all intermediaries arranging an existing borrower transfer for residential mortgages.
“We’re committed to supporting brokers to provide the best possible service to their clients. We believe it’s important to offer brokers a procuration fee that fairly reflects the effort they make to ensure borrowers get the right remortgage deal.
“In addition, we have improved our online functionality to make the product transfer process as simple and time efficient as possible. For instance, brokers can now produce key fact illustrations or submit a transfer application for clients using up-to-date figures at the touch of a button.”
Jeremy Duncombe, director, Legal & General Mortgage Club, commented: “Following the success of our pilot, it’s great that Accord have extended this to the full market.
“By setting the fee at 0.3 per cent, Accord have also recognised the vital role that brokers play in ensuring the customer receives the best outcome when their product matures. They continue to work closely with brokers with every aspect of their proposition.”
simon.allin@ft.com
