Landbay has announced its introduction of a retention fee.

Intermediaries will now receive a gross procuration fee of 0.3% for all customer renewals once they have reached the end of their fixed discounted period.

All Landbay’s products are available through their approved distributor partners: 3mc, Atom, Brightstar, Brilliant Solutions, Buy to Let Club, Complete fs, Connect Mortgages, Manor Mortgage Solutions, Mortgages for Business, TBMC and Vantage Finance.

Paul Brett, managing director of intermediaries at Landbay, said: “Our relationships with intermediaries are key to ensuring we continue to lend good quality loans to professional and reliable borrowers. Introducing retention fees is part of our ongoing commitment to the broker community, but will also come as good news for customers who now more than ever will be needing specialist advice at a time of regulatory and fiscal change.

“This is just one step towards creating a more equal and transparent playing field for advice.”