Suffolk Building Society is to pay retention proc fees for brokers acting on product transfers, for new requests.

The procuration fee will need to be evident in the offer to be payable.

The procuration fee will be 0.2% of the retained balance, payable for all existing customers switching mortgage products. All procuration fees will be paid within 28 days of the product transfer.

Charlotte Grimshaw, Head of Intermediary Relations and Mortgage Sales at the society, says: “We’re pleased to be announcing the launch of retention proc fees. We believe it’s an acknowledgement of the hard work and advice that brokers give to customers maturing from their current products. 

“It’s always important for customers to receive advice and support to ensure good outcomes. In the current financial climate customers are proactively speaking to their brokers to get the best advice and we want to support that.”

Brokers are required to be registered with the Society’s origination platform, Suffolk Online, in order to carry out a switch.