Accord Mortgages is now paying a 0.30% gross procuration fee for retained business on residential mortgages to the full broker market.
The move follows a pilot by the intermediary-only lender among a limited number of lending partners.
The retention payment will complement the procuration fees Accord pays brokers for new business at 0.45% for residential applications and 0.50% for buy-to-let applications.
David Robinson (pictured), 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 remortagage 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 (KFIs) or submit a transfer application for clients using up-to-date figures at the touch of a button.
“We are now reviewing rolling out paying a procuration fee on buy-to-let retention business by the end of 2017.”
Jeremy Duncombe, director of Legal & General Mortgage Club, added: “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%, 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.”
