Suffolk Building Society has introduced retention procuration fees for brokers handling product transfers, starting from 1st October 2024.
The fee will be set at 0.2% of the retained balance, and will apply to existing customers switching their mortgage products.
For the fee to be payable, it must be stated in the offer.
All procuration fees will be paid within 28 days of the product transfer.
Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: “We’re pleased to be announcing the launch of retention proc fees.
“We believe it’s an acknowledgement of the hard work and advice that brokers give to customers maturing from their current products.
“It’s always important for customers to receive advice and support to ensure good outcomes.
“In the current financial climate, customers are proactively speaking to their brokers to get the best advice, and we want to support that.”
