Coventry for Intermediaries is to start paying product transfer fees on buy-to-let retention business from 1 April.

This follows its commitment to paying proc fees to intermediaries for product transfers in 2017.

The lender will pay intermediaries a proc fee of 0.30% for buy-to-let product transfers, and is committed to paying the same fee for residential product transfers before the end of the year.

Kevin Purvey, director of intermediaries at the Coventry, said: “Intermediaries are integral to our success and we know they’ve been eagerly anticipating this announcement. We’ve been able to bring proc fees for buy-to-let product transfers to market more quickly and are committed to extending this to residential products later this year.

“In line with our pledges, our ‘open transfer policy’ still stands, so existing customers can access our full range of new business buy-to-let products.”