Suffolk Building Society introduces retention procuration fees

Suffolk Building Society has announced that it will now pay retention proc fees for brokers acting on product transfers, for new requests made after 1st October 2024. 

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.

Brokers are required to be registered with the Society’s origination platform, Suffolk Online, in order to carry out a switch. The Society noted that the procuration fee will need to be evident in the offer to be payable.

Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society, said: "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.”