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HBOS could pay trail for retention business

HBOS is considering introducing trail commission on retention business instead of full proc fees in a raft of plans unveiled this week.

The lender is in talks with sourcing engines to ensure its retention products appear on them to broaden distribution.

HBOS is also considering launching a part-ownership, part-rental scheme for first-time buyers. BM Solutions has been tipped by one source to launch its FTB product, similar to Northern Rock’s Together offering, next week. However, the lender is not commenting.

BM is set to launch a buy-to-let index in the coming weeks and will have point-of-sale offer capability by next week.

Bank of Scotland Mortgages managing director Charles Haresnape urges other leading lenders to break their silence on their retention strategies.

Haresnape says: “We are working on functionality for trail fees and clawback. That is something we want to talk about more and may want to offer as we go forward. It would only take a few of the really big lenders to get value to the market.

“On FTBs, we will offer part-ownership and part-rental, giving 25 per cent more buying power. We have a team working on this and will come out with an equity-shared mortgage.”

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