Broker retention fees announced by Leeds Building Society
Leeds Building Society will introduce retention procuration fees later this year.
The Society will pay 20bps to intermediaries for product transfers, as well as paying a full proc fee to brokers helping existing borrowers to port their mortgages.
“We’re making this change to reflect the work done by brokers in retention cases,” said Jaedon Green, Leeds Building Society’s Director of Product and Distribution.
“While we’ve remained focused on growing our lending and supporting the wider mortgage market, we’re excited to confirm we’re also developing our retention capability. We expect to be active by the end of the year.
“The majority of our mortgage business is done through our intermediary partners so our retention practices are broker-friendly and we listen closely and are responsive to their feedback.”
The Society reports its 2016 annual results on Wednesday (22nd February), including its lending performance for the year.
Notes to Editors
To discuss a new case with one of our mortgage development team, mortgage introducers should go to www.leedsintroducer.co.uk to find details of their nearest Business Developer contact.
Leeds Building Society won the awards for Best Building Society Savings Provider and Innovation in Personal Finance (Part and part mortgages) at the 2016 Moneyfacts Awards.
Leeds Building Society operates throughout the UK, Gibraltar and Ireland and has assets of £14.9bn (at 30th June 2016). The Society’s head office has been based in the centre of Leeds since 1886.