The West Brom for Intermediaries will be introducing procuration fees for retained residential mortgage business.
Brokers will be paid a fee of 0.20% for product transfers when recommended for their clients.
Implementation is expected by summer 2018 as part of a scheduled upgrade of the West Brom’s core intermediary systems, which should also deliver improvements in service to brokers.
Richard Scott (pictured), head of intermediaries at the West Brom, said: “We value the relationships we have with our intermediaries, who have contributed significantly to the West Brom successfully developing its residential lending over recent years.
“Product transfers are an ever-growing aspect of the market and paying a procuration fee recognises the important role that intermediaries play in the advice process at product maturity.”