Procuration fees for new lending are paid by the 15th of the following month after completion. So if your client completes any time between 1-31 August, the procuration fee will be paid by 15 September.
Procuration fees are also paid for product switches. The fee will be paid by the 15th of the month once the switch has taken place. For example, if you have successfully set the switch up in August for 1 September, then you’ll be paid your fee by 15 September.
We’ll pay your fee to the channel you selected in the application, and then they’ll forward the payment to you.
Switcher procuration fees
We’ll pay a gross procuration fee of 0.20% for new product switch applications. The fee will appear on your KFI/Offer and you’ll be paid via your usual mortgage club or network. To ensure that a procuration fee is paid, you must log in to Online Mortgage Switcher through TMW Online.
If you have a query about a procuration fee, you can contact one of our experienced advisers on Broker Chat or send an email to email@example.com.
If you send an email to us, don’t forget to include the 8 digit mortgage account number (labelled as reference) so that your query can be dealt with efficiently. You’ll receive a response within 48 hours.