West Brom announce introduction of retention proc fees

The West Brom for Intermediaries has confirmed this morning that it will be introducing procuration fees for retained residential mortgage business.

Related topics:  Finance
Warren Lewis
1st March 2018
Mortgage Contract

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 will deliver enhancements to support further and streamline the broker experience.  

 Richard Scott, 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.”

 

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