13 January 2017
A message from Brad Fordham, Managing Director, Santander for Intermediaries, regarding the planned changes that will see Santander pay proc fees to intermediaries on Retention business.
“Intermediaries are at the heart of the Santander mortgage business, and my team and I have been working hard to launch further developments.
We’re excited about the developments we plan to make in 2017 and I’d like to tell you that, after a successful pilot run last year, we plan to start paying procuration fees on residential and Buy to Let retention business submitted via our existing Online Mortgage Transfer Service that then go onto complete. We recognise this is an important area for intermediaries and this is the next stage in a number of developments in recent years – we built the system that allowed you to transact for your customers. This new development will now see us make a payment for that transaction.”
Jeremy Duncombe, Director, L&G Mortgage Club said “We are delighted to see Santander join the growing number of lenders now paying procuration fees for retention business. The work brokers do in supporting the mortgage industry, both for customers and lenders is fundamental to the UK housing market. It’s positive to see more lenders recognise the importance of the intermediary in the retention process”
Brad continued “Santander wants to be your lender of choice and this change allows us to continue working with you across the whole mortgage process at the differing stages of the customer lifetime.
I hope you’re pleased with this news so if you have any queries on it or specific new business opportunities, please speak to your dedicated contact.”