The Leeds Building Society will introduce retention procuration fees later this year.
The mutual will pay 20bps to intermediaries for product transfers, as well as paying a full proc fee to brokers helping existing borrowers to port their mortgages.
“We’re making this change to reflect the work done by brokers in retention cases,” said Jaedon Green, Leeds Building Society’s director of product and distribution.
“While we’ve remained focused on growing our lending and supporting the wider mortgage market, we’re excited to confirm we’re also developing our retention capability. We expect to be active by the end of the year.
“The majority of our mortgage business is done through our intermediary partners so our retention practices are broker-friendly and we listen closely and are responsive to their feedback.”
