Up until now, the lender has ruled out offering brokers a procuration fee on remortgage business, but it is currently overhauling several areas to make them more adviser-friendly.
Responding to a broker question on the subject at the Mortgage Next conference, Andy Castle, national account manager for intermediary markets at Nationwide, said the lender was currently looking at the subject very closely and an announcement would be made in the very near future.
“We have gained market share in the past on pricing and always thought we were good at retaining business. We did some work on retention fees but it was put on the back-burner because of the merger. This is coming through again now and we’re getting close to an announcement.
“We will look to put a process in place that naturally will take account of how much time and money brokers are putting into the case. We have been looking at Halifax and competitive pressures will come to bear in this area. This is being very seriously looked at across Nationwide.”
Melanie Bien, associate director at Savills Private Finance, said a move into retention by Nationwide could force others to follow suit.
“It’s a big lender so if it goes the way of HBOS in offering these fees, it will be a significant move. If it does, small lenders will find it harder to justify not following. The market will be looking closely at what it does.”
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