Accord Mortgages is broad ending its pilot scheme to pay brokers a procuration fee for retained business on residential mortgages.
The lender began piloting the scheme in 2016 and is to extend it to a limited number of additional partners. By extending the pilot Accord hopes to develop and road test the initiative to identify any further improvements needed before it is rolled out to the full broker market.
The retention procuration fee under the pilot is at 0.30%.
David Robinson, Accord’s national intermediary sales manager, said: “We are committed to helping brokers build meaningful connections with their clients, and this involves recognising the effort they make to ensure borrowers get the right remortagage deal.
“We have decided to extend our pilot to coincide with a significant maturity period coming up which will give us a great opportunity to fine-tune this new initiative and ensure it is fully robust before we make a decision to offer it market-wide.”