Principality Building Society has introduced retention procuration fees of 0.2 per cent following a successful pilot.
The society will pay the fee to intermediaries for recommending a residential or buy-to-let product transfer from yesterday (13 December).
Principality has been piloting the scheme with mortgage brokers London and Country since March and said it is now in a position to roll out the fee to all brokers.
Shaun Middleton, Principality Building Society’s head of intermediaries, said: “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 reflects the effort they make to ensure borrowers get the right mortgage deal.”
David Hollingworth, associate director of communications at L&C Mortgages, said: “We’ve been delighted to help Principality with its retention trial. Retention is a crucial area for lenders in offering a rounded service to their customers in partnership with mortgage intermediaries.
“Principality has clearly understood that customers want the reassurance of an adviser to not only source the right deal for them, after taking account of the rest of the market, but to also be able to put that product switch into effect for them quickly and efficiently.”