Legal & General Mortgage Club has updated its Retention Matrix to include the latest lender procuration fees on retention products.
It has also included lenders who are planning to introduce retention procuration fees. The Matrix includes over 25 lenders, such as Barclays, Halifax, TSB and The Mortgage Works.
The Matrix has been designed to help brokers to clearly and quickly see information on which lenders are paying retention procuration fees, the fee level, any supporting documents that are required, and when it is possible for a customer to move product.
The club says its Matrix will continue to be updated regularly to keep brokers in the know about lenders’ varying stances on retention procuration fees.
Jeremy Duncombe (pictured), director of Legal & General Mortgage Club, said: “We understand the importance of retention products for intermediaries, and we believe brokers should be recognised for the commitment and hard work that goes into reviewing and advising a customer on their options when their current product ends. Our Retention Matrix shows the variety of lenders who are now paying procuration fees and has been created to help make life easier for our brokers, allowing them to clearly see the lenders that support the retention market, and helping advisers to familiarise themselves with these lenders’ processes.
“It is crucial that brokers continue to refer to their back-books and contact their clients regularly throughout their mortgage term, advising them of the best option available at the end of their mortgage deal.”