Leeds has rolled out procuration fee payments to the whole intermediary market following a successful phased rollout with Connells and LSL.
The 0.2 per cent fee is available for all like-for-like product transfers - those that involve no additional borrowing, or change to term or repayment method – across all areas of lending, including buy-to-let, shared ownership and interest-only.
Leeds has developed an online portal for retention in partnership with brokers, allowing intermediaries to view client details, review their options and request an offer.
Martese Carton, Leeds Building Society’s head of intermediary distribution, said: “We remain committed to supporting our intermediary partners, in developing their businesses to help more people to have the home they want.
“The vast majority of our mortgage business is done through our intermediary partners and our close working relationship with brokers has been integral to our success in growing lending above our natural market share in recent years.”
A number of lenders have now introduced procuration fees for product transfers, with Coventry launching 0.3 per cent payments for residential product transfers in November.
NatWest is to launch a product transfer facility that will pay brokers a gross procuration fee of 0.2 per cent on 15 December.
Rebecca Robertson, director at Evolution for Women, said procuration fees were an opportunity for brokers.
She said: "A lot of lenders are doing this now. We still have to do a lot of regulatory work, and it is good lenders are noticing that.
“Lenders are recognising they can't offer a new client a better rate than old clients. That is down to regulations and treating customers fairly."
simon.allin@ft.com
