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RBSIP cuts proc fees across brands

RBSIP has confirmed it will be cutting its procuration fees on its First Active, RBS and The One account products.

The lender says that having been positioned at relatively high levels, this will brings its proc fees broadly into line with the rest of the market.

Proc fees will remain unchanged on Natwest buy-to-let products.

Proc fees for The One account’s current account mortgage wiill retain a competitive position at 0.6 per cent.

First Active and RBS proc fees will be at 0.35 per cent while Natwest BTL and offset products will be set at 0.55 per cent.

RBSIP head of corporate accounts Graham Felstead says: “As part of our drive to build a sustainable and robust business for the 21st century we have reviewed all aspects of our business model. We have a desire to make greater investment in our products, our criteria and technology to make it a more attractive proposition overall for brokers to do business with us.

“We recognised that our procuration fees were ‘out of synch’ with the majority of the industry so by realigning them and reducing the costs of acquisition we will be able to provide better products and give brokers slicker access to them.

He adds: “We are keen to remunerate brokers where there is mutual added value in the overall relationship and will be discussing this with our business partners. We have accomplished a lot in the last six months and feel that we have raised intermediaries’ expectations of what we might do in 2008. This move will enable us to maintain the momentum and do even more to make RBS Intermediary Partners a more compelling proposition for mortgage advisers.”

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