The Mortgage Works (TMW) is to start payments to mortgage brokers of procuration fees for retention business for all applications from 1 August 2017.
A gross procuration fee of 0.20% for retention business will be paid by TMW to intermediaries for all existing customers switching products.
The fees will be launched simultaneously to all intermediaries, with no phased roll-out.
Nationwide, TMW’s parent, has invested in its online systems to develop the technological functionality to enable brokers to switch products and be paid a procuration fee.
The Society is on track to launch procuration fees for retention business for Nationwide prime members later in the summer.
Paul Wootton, managing director of TMW, said: “We announced that we would be offering procuration fees for retention business earlier this year, and we are now able to do so for TMW.
“We have long valued the support and hard work of our intermediary partners and we are pleased to be in a position now to roll out retention procuration fees.”