Santander has made changes to its new business procuration fee policy.

It has introduced a minimum procuration fee of £400, where the loan is £25,000 or more.

This follows Santander’s recent announcement to begin paying brokers a procuration fee of 0.2% on retention business.

The roll out of these payments across networks and mortgage clubs will start from 1 March and be fully in place by 1 July 2017.

Brad Fordham, managing director of Santander for Intermediaries, said: “The work the intermediary market does is invaluable. We understand the amount of work that goes into new business cases, irrespective of the size of the customers mortgage and the introduction of a minimum procuration fee is recognition of this.”