Retention procuration fees to be introduced later this year

From this summer, a procuration fee of 0.20% for retention business will be paid to intermediaries for all existing customers switching product.

We're currently developing the system functionality to allow us to launch this, and we'll be in touch nearer the time to confirm an exact date.

Ian Andrew, Managing Director, Intermediary Relationships, said:

"Intermediaries already support The Mortgage Works by submitting retention business to us and we want to recognise your efforts for this.

"So, it's our clear intention to pay a procuration fee for retention business later in 2017. All intermediaries will continue to have access to our full range of switcher products and our market leading online systems."