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Retention fee deal from Woolwich

Woolwich is offering a retention procuration fee for brokers along with a range of products for the intermed- iary market.

Intermediaries will be paid a procuration fee if they feel the best advice they can give is for clients to stay with their current lender.

A pilot scheme has been running since November 1, 2004, with members of the Legal & General mortgage club, ahead of a national rollout.

The retention range of products allows existing Woolwich mortgage customers to have the same rates as new borrowers without the need to remortgage. This means customers are able to bypass the need for a valuation or contact solicitors. Brokers receive the same procuration fee where a client is rebroked as when new clients take out a mortgage product.

Woolwich says the move is in the spirit of the Miles’ report which says lenders should make their full range of products available to all borrowers.

Several lenders offer a ret- ention procuration fee but Woolwich is the first major high-street lender to offer this service.

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