01 February 2010
Following a review of our procuration fee structure, from 8 March 2010, we will be introducing a new fee structure for all new mortgages introduced to NatWest Intermediary Solutions.
The new fee structure is detailed below.
| Applications submitted via a NatWest Intermediary Solutions Panel Network |
Residential procuration fee
(Purchase and remortgage) |
We will pay 0.35% * |
| Buy-to-let procuration fee |
We will pay 0.35% |
| Applications submitted via a NatWest Intermediary Solutions Panel Mortgage Club |
Residential procuration fee
(Purchase and remortgage) |
We will pay 0.32% * |
| Buy-to-let procuration fee |
We will pay 0.35% |
| Applications submitted via a route other than a NatWest Intermediary Solutions Panel Network or Mortgage Club |
Residential procuration fee
(Purchase and remortgage) |
We will pay 0.10% * |
| Buy-to-let procuration fee |
We will pay 0.10% |
*Paid based on the first drawing of the client’s mortgage account provided that the RBS Group has not paid a mortgage related procuration fee in the previous 12 months in respect of the same client(s).
Maximum and minimum procuration fees
In all cases, the maximum overall procuration fee we will pay is £6,000.
The minimum procuration fee we will pay is £250. For a fee to be payable, the minimum loan value must be met; for residential purchase, remortgage and buy-to-let mortgages this is £25,000.
Transitional arrangements
All completed applications submitted electronically or in paper form after 2pm on Friday 5 March 2010 will be paid on the new procuration fee scales.
All completed applications submitted electronically or in paper form before 2pm Friday 5 March 2010 will qualify for the original procuration fee scales.
NatWest applications received before 2pm on Friday 5 March 2010 but not offered until after this date will qualify for the original procuration fee scales. The Offer document will display the new procuration fee scale amount. An insert will be added to your client's Offer pack explaining the reason for this difference and the fact we will be paying the original fee.
Please ensure that any proprietary sourcing systems used by your company are appropriately updated to reflect these changes.
If you have any questions or require additional information or clarification of your application submission route options, please contact us on 08459 00 11 10 We're open 9am to 5.30pm, Monday to Friday.
