From Monday 19 February onwards, procuration fees for all new purchase and remortgage applications are paid each Monday for completions up to three weeks previous. So you can expect to receive procuration fee payments between 14 and 20 days after completion.
The table below shows when mortgage clubs/company networks will receive the fee payments:
|Day of completion||Fee received on|
|Monday||Monday (14 days after completion)|
|Tuesday||Monday (20 days after completion)|
|Wednesday||Monday (19 days after completion)|
|Thursday||Monday (18 days after completion)|
|Friday||Monday (17 days after completion)|
For rate switch applications, the fee will be paid the second Monday of the month once the switch has taken place. For example, if you've successfully set the switch up in February 2018 for 1 March, then you'll be paid your fee on Monday 12 March.
Please note, payment dates may change slightly over bank holidays.
We’ll pay your fee to the channel you selected in the application, and then they'll forward the payment to you.
Rate Switch procuration fees
We pay a gross procuration fee of 0.20% for new rate switch applications. The fee will appear on the KFI/Offer and you'll be paid via your usual mortgage club or network.
Contacting us about a procuration fee
If you're sending an email to us, don’t forget to include the 11 digit mortgage account number so your query can be dealt with efficiently. You’ll receive a response within 48 hours.
Please allow a minimum of seven days for mortgage clubs/networks to distribute payments before contacting us.