NatWest doubles maximum procuration fee to £20,000

NatWest has announced that it is increasing its maximum procuration fee payable to brokers.

Following market feedback from brokers, NatWest is increasing its maximum procuration fee for residential, buy-to-let and product transfers from £10,000 to £20,000.

The change will be applied to new applications submitted from today.

Last year, NatWest simplified and reduced its valuation fees and the new price bandings are as follows (if brokers select a product with a valuation fee):

Purchase price or property value up to and including £3million = £102 + £75 admin fee = £177,
Purchase price or property value above £3million = £1,380 + £75 admin fee = £1,455.