Suffolk Building Society will pay retention procuration fees to brokers who work on product transfers after 1 October.

The procuration fee will be 0.2% of the retained balance, payable for all existing customers switching mortgage products.

All procuration fees will be paid within 28 days of the product transfer.

The mutual adds that the procuration fee will need to be evident in the offer to be payable.

Suffolk Building Society head of intermediary relations and mortgage sales Charlotte Grimshaw says: “We’re pleased to be announcing the launch of retention proc fees.

“We believe it’s an acknowledgement of the hard work and advice that brokers give to customers maturing from their current products.

“In the current financial climate customers are proactively speaking to their brokers to get the best advice and we want to support that.”

Brokers will need to be registered on the society’s origination platform, Suffolk Online, to carry out a switch.