Suffolk Building Society will now pay retention procuration (proc) fees to brokers transacting product transfers for requests made from today.
The mutual said the proc fee will need to be evident in the mortgage offer to be payable.
Suffolk Building Society will pay 0.2% of the retained mortgage balance, which will be payable for existing borrowers who are switching mortgage products.
All proc fees will be paid within 28 days of the product transfer.
To carry out a switch, brokers will need to be registered with Suffolk Building Society’s origination platform Suffolk Online.
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.
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“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.”
This week, the mutual announced it was lowering select mortgage rates.
TSB cuts mortgage rates by up to 0.15%
TSB has announced mortgage rate reductions of up to 0.15% as of 1 October.
This includes its three-year fixes for first-time buyers and homemovers at 90-95% loan to value (LTV), which have been lowered by 0.1% and are now priced at 5.49%.
Its five-year fixes for first-time buyers and homemovers up to 85% LTV have been cut by up to 0.15% and now start from 3.94% with a £995 fee at up to 60% LTV or 4.14% with no fee.
TSB has also lowered buy-to-let (BTL) mortgage rates for purchase and remortgage, fixed for two and five years, by up to 0.15%.
Its product transfer and additional borrowing rates for BTL customers have also been lowered by the same amount on products fixed for two or five years.
These pricing changes follow reductions made by TSB last week, when it lowered rates by as much as 0.2%.
