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West Brom set to pay retention fees

West Bromwich Building Society says it is considering offering retention fees to mortgage brokers from next year.

The society says it has been looking closely at the possibility of sharing customer information with brokers wherever possible as well as remunerating intermediaries for the work they have done.

Head of products Martyn Bell says the lender will fully unveil its plans in the new year. He believes one or two lenders are looking at retention fees.

Only Accord Mortgages currently shares data with brokers, such as providing notification when clients fall into arrears with mortgage payments.

Brentchase Financial Services mortgage specialist Mike Fitzgerald says: “I think it would be a good move for West Bromwich if it is considering sharing information with brokers. A lot of brokers feel that they are left out of the frame once they have completed the mortgage.”

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