NatWest Intermediary Solutions will be increasing the procuration fee amounts it pays intermediary firms for completed residential mortgages tomorrow (1 October).
It will pay 35bps gross to directly authorised (DA) firms and 40bps gross to appointed representative (AR) firms. T
This increase is a whole of market change that sees a 3bps and 5bps increase respectively.
Graham Felstead, head of NatWest Intermediary Solutions, said: “We regularly review all aspects of our proposition to ensure that we provide a competitive offering to brokers and their customers. We are simplifying our proc fee structure and increasing the fees that we pay to both ARs and DAs, bringing us more in line with the market.
“This change, combined with the investments we continue to make in our intermediary business to enhance our service and product range, demonstrates our clear commitment to the broker market. I am sure advisers will welcome this announcement.”
There is no change to proc fees payable on completed buy-to-let mortgages. NatWest increased these proc fees to 45bps gross last October.
Jeremy Duncombe, director of Legal & General Mortgage Club, added: “NatWest has demonstrated its recent support for the intermediary market, and these procuration fee changes simply deepen that commitment.
“By recognising and rewarding intermediaries for the quality of their business and their importance to the overall mortgage market, NatWest sends a clear message to mortgage brokers that it is investing in the future of the market.”
