Santander for Intermediaries is to pay mortgage brokers a procuration fee of 0.2% on retention business.
Procuration fee payments will be paid on all retention business being transacted through the online portal.
The roll-out of payments across networks and mortgage clubs will start from 1 March and be fully in place by 1 July. Santander said it would be working closely with its key account set over the coming months “to ensure a robust procuration fee payment solution is implemented efficiently”.
Brad Fordham, managing director of Santander for Intermediaries, said: “After a successful pilot run last year with London & Country, I am delighted to announce plans to pay procuration fees on retention business, intermediaries play a key role in what we do and we look forward to working even more closely together in 2017 and beyond.”
“It’s positive to see Santander’s commitment to the intermediary market,” added Andrew Montlake, director at Coreco.
“The move to paying procuration fees demonstrates the importance the team places on the work brokers do and will help to strengthen the relationship between brokers and the Santander team.”