The Nationwide Building Society is to pay mortgage brokers a procuration fee for retention business. 

The UK’s largest building society expects that the fees will be introduced by the summer and will be launched simultaneously to all intermediaries, with no phased roll-out.

A procuration fee of 0.20% for retention business will be paid to intermediaries for all existing customers switching product and will include both prime Nationwide lending and for its specialist buy to let arm, The Mortgage Works (TMW).

Ian Andrew, Nationwide’s managing director, intermediary relationships, said: “Nationwide has long valued the support and hard work of its intermediary partners and would like to thank them for their patience while development work was ongoing. We are now in a position to signal our clear intention to pay a procuration fee for retention business later in 2017. All intermediaries will have access to our full range of switcher products and our market-leading online process from day one.

“As a building society owned by its members, we remain committed to prioritising member benefit and customer loyalty and can confirm that the full range of prime loyalty products will be available through the broker channel.

“We will be confirming an exact date for launch nearer the time.”